Visa plans to expand in stablecoin and related businesses after laying off about 2,600 employees

According to Odaily, payment giant Visa plans to cut about 2,600 positions, representing roughly 7% of its total workforce, primarily affecting technology and product teams. Visa CEO Ryan McInerney stated that this move aims to boost operational efficiency and reallocate resources to high-potential business areas. Visa intends to intensify efforts in consumer payments, commercial and movement of funds solutions, and value-added services; the latter includes stablecoins, cross-border payments, and business-to-business operations. The company also noted that AI is helping reduce repetitive tasks and accelerate product development, though it is not the sole reason for this round of layoffs.