Payments, Processors & IT Services: Network Valuation Overhangs Part 2: Agentic & Stablecoin Disintermediation

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Payments, Processors & IT Services: Network Valuation Overhangs Part 2: Agentic & Stablecoin Disintermediation

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Payments, Processors & IT Services

Network Valuation Overhangs Part 2:

Agentic & Stablecoin Disintermediation

Industry Overview

Stablecoins and Agentic – The Primary Overhang 02 July 2026

In part 2 of the two-note series published today we explore agentic and stablecoin

disintermediation risks weighing on the networks’ valuations. The networks reflect a Equity

United Statesdisintermediation discount whereby the market prices a risk that stablecoins and agentic

Payments, Processors & IT Servicescommerce erode the card rails, the “money layer out of the internet” concern. Recently

both Visa and Mastercard management very directly addressed these concerns, It Matthew C. O'Neill

appears to us that this threat is easing on several fronts but remains misunderstood by Research Analyst

BofAS

some market observers. The backdrop has moved in the networks’ favor: the GENIUS Act +1 646 855 1681

prohibits permitted stablecoin issuers from paying interest or yield directly to holders, matthew.c.oneill@bofa.com

while affiliate or third-party yield arrangements remain a live regulatory question; the Mihir Bhatia

networks have embedded themselves in the emerging agentic-payment standards; ResearchBofAS Analyst

stablecoin funded card programs are growing quickly; and the coin layer itself is +1 415 436 3553

mihir.bhatia@bofa.com

consolidating around the shared infrastructure that the networks participate in, with this

week’s announcement of the Open Standard/Open USD a timely example. The single CarolineResearch AnalystLatta

most-cited disintermediation mechanism is that once agents do the buying, they switch BofAS

funding to stablecoins for real purchases.