Exclusive Interview with Du Jun: Stablecoin Payments Are Moving Beyond the “U-Card Narrative” — Why Is WasabiCard Betting on Enterprise Pa

Vernal Capital founding partner Du Jun, a Huobi and ChainUp co-founder, said in an interview that stablecoin payments are shifting from consumer "U-card" narratives toward enterprise payment infrastructure, and explained why his firm invested in WasabiCard, which provides card-issuing and fund-distribution rails to fintech platforms, internet companies, and cross-border businesses rather than only end users. He argued that cards are just the front end, with the real competition in issuing, conversion, authorization, settlement, compliance, AML, and fraud controls—capabilities that matter when enterprises use stablecoins for cross-border payroll, ad purchases, platform revenue splits, supplier payments, and AI-related account payments. He cited Allium research estimating stablecoin payment volume of $401–527 billion in the first eight months of 2026, up 42–63% year over year, with enterprise payees accounting for 58–64% of payments and B2B settlement at roughly $137–153 billion. The timing is underpinned by regulatory and industry milestones: the EU's MiCA rules for asset-referenced and e-money tokens took effect June 30, 2024, Stripe closed its Bridge acquisition on February 4, 2025, and Visa partnered with Bridge on April 30, 2025 to launch stablecoin-linked cards across six Latin American markets. Du Jun cautioned that on-chain volume can be inflated and that investors should distinguish sustainable enterprise flows from speculative activity, noting some card-issuing teams seeking funding already build on WasabiCard's infrastructure. What to watch: whether enterprise adoption of stablecoin payment infrastructure scales beyond early use cases and how the connection layer between traditional finance and on-chain funds evolves.