Exclusive Interview with Du Jun: Stablecoin Payments Are Moving Past the "USDT Card Narrative"—Why Is WasabiCard Betting on Enterprise Payment Infrastructure?
In any offline exhibition this year, stablecoin payments and U cards remain among the most discussed topics.
For everyday users, the logic behind such products is straightforward: linking a stablecoin balance from a wallet to a card allows consumption at merchants just like using a traditional bank card. What users see is merely a card; but for the service-providing enterprise, the card is only the front-end touchpoint. Behind it lies an entire system encompassing card issuance, fund conversion, transaction authorization, clearing and settlement, compliance, anti-money laundering, anti-fraud, and ongoing operations.
When this capability is applied to cross-border payroll, ad procurement, platform revenue sharing, supplier payments, and corporate expense management, the question shifts from simply "whether stablecoins can be spent" to whether enterprises can truly integrate stablecoins into their daily operations.
This is also the core perspective through which Du Jun, founding partner of Vernal Capital, views stablecoin payments and invested in WasabiCard.
From co-founding Huobi to jointly establishing ChainUp, which provides technical solutions for enterprises, and moving into investment business, Du Jun’s career spans user-facing trading platforms and financial infrastructure serving enterprises. [1] This background leads him to look beyond whether a product can quickly acquire customers when evaluating projects, pressing instead one key question:
Does it solve a persistent, genuine need? Can the capabilities it builds be used long-term by more enterprises?
In this interview, Du Jun shared that Vernal Capital closely monitors trading and payment developments in the crypto space, while also tracking opportunities in the AI application layer; its investment logic looks beyond financial returns, emphasizing strategic synergy with existing businesses.
In his view, the most promising direction for stablecoin payments is shifting from "who can issue more cards" to "who can handle the payment operations of more enterprises."
WasabiCard is precisely betting on the latter.
I. From a Single U Card to an Enterprise Cash Flow Operating System
The popularity of U cards has provided an intuitive gateway for stablecoins to enter everyday consumption.
But in Du Jun’s view, consumer-facing card issuance is only a fraction of the payment market. For C-end products, customer acquisition and service capabilities determine whether a business can launch; however, as the user base grows, it is the technical platform, payment channels, risk control systems, clearing and settlement capabilities, and customer support that ultimately determine whether the business can operate sustainably in the long run.
Cards can go online quickly, but infrastructure cannot be built overnight.
Complexity increases significantly especially when payment capabilities extend from personal consumption to enterprise operations. Enterprises need more than just “sending money out”; they also need to integrate payments into existing workflows, handle reconciliation, enable recipients in different regions to access funds, comply with regulatory requirements, and determine who is responsible for responding to and resolving transaction anomalies.
Therefore, once stablecoin payments truly enter enterprise scenarios, they cease to be a single-point product and become a comprehensive cash flow operating capability.
The application scenarios mentioned by Du Jun in the interview further confirm this shift: entertainment companies paying streamers or freelancers across borders, enterprises procuring ad services, foreign trade firms handling cross-border payments, and AI-related account and service payments.
These enterprises may not care how the underlying blockchain technology works. What they truly care about is whether they can complete payments, collections, and settlements at a more reasonable cost and with greater stability.
The appeal of WasabiCard lies in its provision of foundational capabilities for card issuance and fund distribution to fintech platforms, internet companies, and cross-border business clients, rather than merely offering a card to end users. Enterprises can retain their own users, brands, and business scenarios while handing over complex tasks such as card issuance, fund allocation, payment routing, and subsequent operations to the infrastructure platform.
This shifts the investment focus from “how many users a single card can acquire” to “how many enterprises can continuously use this capability.”
Du Jun noted a striking detail: some card-issuing teams seeking investment were actually built on WasabiCard at their core.
This means that the capabilities provided by WasabiCard have already entered the actual business workflows of other enterprises. Clients are not integrating for concepts or short-term hype, but hoping to leverage its infrastructure and service capabilities to solve payment issues in their own operations.
Speaking of WasabiCard, Du Jun said, “Its business model has already been validated.”
For a startup, these words carry significant weight. Investors cannot judge long-term outcomes solely based on limited historical data, but they can observe whether demand is genuine, whether clients are willing to use the service continuously, and whether the team possesses the ability to deliver stably.
“I really like this business model,” Du Jun said.
II. Why Now: Stablecoins Are Integrating Into the Real-World Payment Ecosystem
Placing this investment back in the industry context of 2024–2025 makes Du Jun’s judgment clearer to understand.
On June 30, 2024, the relevant rules for asset reference tokens and electronic money tokens under the EU’s MiCA began to apply. Stablecoin issuance and market access thereby entered a clearer regulatory framework. [7]
Entering 2025, the connections between traditional payment institutions and stablecoin infrastructure deepened further. On February 4, Stripe announced the completion of its acquisition of Bridge; on April 30, Visa and Bridge announced a partnership to launch a card product, allowing developers to provide stablecoin-linked cards to users across multiple countries through a single API integration, initially covering six Latin American markets. [8][9]
Regulation, payment platforms, and card networks appear to operate at different levels, yet they all point toward the same direction: stablecoins are being integrated into existing international commerce and payment systems.
This does not mean that stablecoins have replaced traditional payment networks. Quite the opposite, it indicates that competition in the coming period will occur primarily at the connection layer between traditional financial systems and on-chain capital.
For enterprises wishing to participate in this market, technical integration is merely the starting point. How payment channels are organized, risks are managed, compliance is implemented, and services are sustained are what define the threshold for long-term operation.
Du Jun did not simply attribute his judgment of WasabiCard to a single regulatory policy or industry M&A. He focuses on whether genuine commercial demand can form behind capital flow trends, and whether startup teams can establish clear, sustainable business models throughout this process.
From this perspective, competition in stablecoin payments is not merely product-driven, but a contest of infrastructure capabilities.
III. Enterprise Payments Are the Most Valuable Segment of Stablecoin Demand
Du Jun explicitly expressed his optimism toward stablecoin payments and clearing and settlement directions during the interview.
However, he also cautioned that on-chain data inevitably contains “inflated figures,” and transaction volume growth cannot be directly equated with genuine payment demand. For investors, the key is not merely observing rapidly growing numbers, but identifying which capital flows can evolve into long-term, sustainable businesses.
Institutional research shows that enterprise-side demand is increasingly becoming a crucial pillar for stablecoin payments.
The public summary released by Allium in September 2026, titled “State of Stablecoins and Payments,” estimates that stablecoin payment volume for the first eight months of 2026 ranged between $401 billion and $527 billion, representing a year-over-year increase of 42% to 63%; enterprise payees accounted for 58% to 64% of the payment volume, with B2B clearing and settlement totaling approximately $137 billion to $153 billion. [2]
The significance of these figures does not lie in proving that stablecoin payments are fully mature, but in demonstrating that payment demand has begun entering daily enterprise operations: supplier payments, service fees, payroll distribution, and treasury management are all ongoing business activities, not one-off consumer experiments.
Naturally, this dataset must be interpreted cautiously. Allium’s payment figures are estimated and cannot be equated with total on-chain stablecoin transfer volumes, nor can they be directly used as the market size for stablecoin cards.
Yet it at least provides a clear signal: enterprise cash flows are becoming a major source of demand for stablecoin payments.
For enterprise clients, payment has never been an isolated action. Whether funds can be transferred out is only the first step; more importantly, whether payments can integrate into existing workflows, whether transaction records are easy to process, whether payees in different regions can access funds, and whether reliable service support exists after anomalies occur.
Stablecoin liquidity can only form a truly sustainable payment business when combined with enterprise-grade service capabilities.
This also explains why WasabiCard’s ToB pathway deserves attention. Its target audience is not limited to end-user cardholders, but also includes fintech and internet platforms requiring card issuance capabilities, as well as enterprises needing cross-border payment and fund distribution functionalities.
It targets not the short-term hype of a single card, but operational demands that already exist within enterprises and will continue to grow.
IV. Behind the Growth of Stablecoin Cards Lies a Contest of Operational Capabilities
The stablecoin card business itself is also showing observable growth.
In an official article updated in March 2026, Visa disclosed that it processed approximately $5.2 billion in payments via stablecoin-linked cards in 2025, representing a year-over-year increase of 319%, though this still accounted for only about 0.04% of Visa’s global payment volume. [3]
This data reflects a highly representative market state: rapid growth, but penetration remains in the early stages.
In June of the same year, Visa further revealed that over 160 stablecoin-linked card projects globally had already entered either launch or development phases. [4]
An increasing number of projects entering the market indicates that the integration of stablecoins with existing card networks is no longer just a proof of concept; however, the growing volume of projects also means that the underlying infrastructure capabilities behind card issuance will become even more critical.
A single card enabling enterprise users to complete payments requires the coordinated operation of multiple processes behind the scenes, including transaction authorization, fund allocation, clearing and settlement, ledger management, compliance, anti-money laundering, and anti-fraud.
For enterprises looking to launch their own branded cards, the greatest challenge is often not displaying a card activation page, but ensuring the entire business remains viable across different markets, varied client needs, and diverse risk scenarios over the long term.
This is precisely what Du Jun consistently emphasizes.
When asked what conditions a competitive global card issuance solution should meet, he first highlighted “stable services,” further breaking them down into clearing and settlement, ledger management, compliance, AML, anti-fraud, and the ability to communicate effectively with card organizations.
He gave an intuitive example: if an enterprise is already serving 100,000 users, a disruption in the underlying card service will not remain confined to the technical level, but will directly cascade along the enterprise’s operations to reach end users.
For ToB payment companies, stability is not an abstract product selling point, but a fundamental prerequisite for client operations.
The larger the client base, the higher the demands for reconciliation, risk control, anomaly resolution, and service response. Consequently, the more stablecoin card projects emerge, the more pronounced the market’s demand for mature infrastructure becomes.
V. WasabiCard’s Moat Is Not Just a Card, But Resource Orchestration and Service Delivery
If the business model for stablecoin card issuance has already been validated, competitors will inevitably keep entering. So, where does WasabiCard differentiate itself?
Du Jun’s answer centers on service capabilities, the ability to orchestrate channel resources, and the team’s understanding of complex businesses.
When discussing Rain, which is also investing in stablecoin card issuance infrastructure, Du Jun acknowledged similarities in their business models. However, when evaluating WasabiCard, he placed particular emphasis on the team’s communication efficiency and service response capabilities.
For enterprise clients, this is not merely an added bonus in user experience, but an integral component of business stability.
Cross-language communication, business confirmation, compliance requirements, payment anomalies, and customer complaints all consume significant operational resources for enterprises. Especially in cross-border payment scenarios, clients need to quickly locate service providers, pinpoint issues, and drive resolutions.
Therefore, service capabilities must be built in parallel with system capabilities.
Whether onboarding runs smoothly, whether continuous support is maintained as business grows, and whether timely responses are provided during anomalies will all influence an enterprise’s long-term assessment of a payment platform.
Another aspect Du Jun focuses on is WasabiCard’s strategy of collaborating with various BIN Sponsors to aggregate card issuance resources. A BIN Sponsor refers to a partnering institution that provides network access to card schemes and related issuance support.
In his assessment, the richness of cooperative resources enables the platform to offer more routing alternatives and reduces reliance on a single channel. This resource orchestration holds practical value for clients operating across different markets.
Of course, multi-channel setups do not automatically eliminate all downtime risks. Their true value lies in the platform’s ability to organize available, sustainable service solutions across varying partnership rules, applicable jurisdictions, and client needs.
The more partnerships involved, the higher the demands on management capabilities.
From an enterprise procurement perspective, when evaluating a card issuance platform, one should not only look at what card products it offers, but also how it sustains delivery: whether channels align with business needs, whether clearing and settlement are transparent, whether risk controls are adequate, and whether services can keep pace with client growth.
Fireblocks’ “State of Stablecoins 2025” report similarly highlights enterprise-level expectations. Conducted in March 2025 and surveying 295 banking, payment, and related institutional practitioners, the study found that 41% of respondents prioritized speed and 34% viewed compliance as non-negotiable infrastructure requirements. [5]
While this survey is not a product review of WasabiCard, it provides an industry benchmark for understanding Du Jun’s investment judgment: competition in enterprise payments has extended to service quality, compliance, and operational capabilities.
What he is bullish on is not a single easily replicable feature, but the foundation WasabiCard has already established across these dimensions.
VI. 500% Year-over-Year Transaction Volume Growth, but More Importantly, the Ability to Sustain It
“Operating in finance is quite different from running an internet business or dealing with other sectors.”
When discussing the team, Du Jun places great importance on professional expertise.
He recalled having multiple exchanges with the WasabiCard founding team prior to investment. The team’s background in traditional finance and card organizations, along with over 10 years of experience in global payments and card issuance, was one of the foundational reasons for his approval of the company.
For enterprise payments, the value of such experience should not merely rest on a resume, but manifest in resource orchestration and service delivery: understanding which channels suit client businesses, knowing how accounting and settlement connect, and proactively identifying and establishing necessary risk controls before business expansion.
Another trait Du Jun values is the team’s pragmatism and lack of impetuousness.
In his description, WasabiCard has already established a clear business model and operates by continuously delivering services to clients.
New business data has also provided more concrete dimensions for this assessment.
Over three years, WasabiCard has refined its global localization strategy to achieve 100% compliance, positioning itself as a practitioner and implementer of regional and local regulatory standards. To date, WasabiCard has cumulatively issued over 700,000 cards, with transaction volume growing by nearly 500% year-over-year and 30% sequentially, reaching a cumulative transaction value of $1 billion; enterprise client churn rate remains virtually zero, serving over 700 corporate clients.
Among these, the 500% year-over-year transaction volume growth and the 30% sequential card issuance growth reflect progress across different business dimensions.
For a ToB platform, the significance of these metrics extends beyond sheer scale expansion.
Quarterly transaction volume reflects growth in business activity; the number and retention of enterprise clients offer another angle on service continuity. Clients need to accomplish more than initial onboarding; they must continuously utilize platform capabilities in their subsequent operations.
Whether payments run stably, issues receive timely responses, and channels adapt to business expansion will directly impact the longevity of partnerships.
Therefore, assessing WasabiCard’s growth requires looking beyond transaction volume or card issuance numbers, and instead evaluating its capacity to sustain that growth.
WasabiCard integrates global card issuance and global fund distribution under a unified API, providing enterprises with capabilities such as virtual cards, physical cards, white-label issuance, and batch payments.
For platforms that already possess users and business scenarios, this means they can integrate payment capabilities tailored to their specific needs without independently organizing every underlying component.
This is also the most crucial point in Du Jun’s investment logic: genuinely valuable infrastructure does not merely help clients complete a one-time integration, but grows alongside them, continuously absorbing increasing business complexity.
VII. The Value of Capital Is Helping Teams Sustain Their Business
Regarding WasabiCard’s next steps, Du Jun does not place fundraising or exit strategies at the center of discussion.
“The core still lies in solid business development.”
In his logic, strong business performance grants enterprises greater capital choice. Funding can supply resources, but cannot replace genuine client demand and actual operations.
This is also the reason he sets boundaries for post-investment collaboration.
“Provide more help, create less chaos.” Du Jun summarizes the investor’s role with this phrase.
He believes that startup teams, being on the front lines of operations, are better positioned to identify specific issues. Investors should respect the team’s professionalism, fulfill their responsibilities at board meetings and shareholder gatherings, and promptly coordinate resources and offer assistance when the team raises requests.
During the interview, he mentioned that after reviewing WasabiCard’s progress and engaging with the team, the investment firm arranged for its post-investment support team to address new requirements. Regarding specific operations, his evaluation remained direct: “This incremental growth is very solid, and the growth rate is impressive.”
From industry trends to the ToB model, and then to team dynamics and post-investment synergy, Du Jun’s assessment of WasabiCard consistently revolves around a single core theme:
Identifying genuine demand, recognizing platforms capable of fulfilling it, and helping teams sustain their operations.
Whether stablecoin payments ultimately become mainstream does not depend on how many additional cards appear in the market, but on whether they can integrate into real, continuous enterprise cash flows.
A single cross-border settlement, a freelance payout, an ad procurement order, or a platform launching its own payment product—all represent concrete pathways for stablecoin payments to enter real-world commerce.
As industry narratives shift from “who launched a card” to “who can support the payment operations of more enterprises,” the ToB payment infrastructure represented by WasabiCard will become an increasingly indispensable link in the stablecoin payment chain.
And this, precisely, is why Du Jun chose to bet on WasabiCard.
Sources
[1] Draft Registration Statement filed by Vernal Capital Acquisition Corp. with the U.S. SEC, Management Team section. Used to verify Du Jun’s experience founding Huobi, co-founding ChainUp, and his investment business history. View Original
[2] Allium, State of Stablecoins and Payments: September 2026, published September 15, 2026, public summary. Payment data is an institutional estimate, not card payment statistics. View Original
[3] Visa, How stablecoin-linked cards are modernizing money movement, updated March 31, 2026. Payment volume and growth rates are based on the relevant card business within its network. View Original
[4] Visa, Visa Announces New AI, Stablecoin and Token Innovations to Power Intelligent, Programmable Commerce at Visa Payments Forum, June 10, 2026. The “over 160” figure includes projects both launched and under development. View Original
[5] Fireblocks, State of Stablecoins 2025, May 2, 2025. Survey conducted in March 2025, sample consisted of 295 banking, payment, and related institutional practitioners. View Original
[6] WasabiCard, WasabiCard Series Pre-A Round Funding Announcement, July 22, 2026. Previous public funding announcement. View Original
[7] ESMA, ESMA_QA_2404, January 17, 2025. Clarifies that MiCA-related stablecoin rules became applicable starting June 30, 2024. View Original
[8] Stripe, Stripe completes Bridge acquisition, February 4, 2025. View Original
[9] Visa, Visa and Bridge Partner to Make Stablecoins Accessible for Everyday Purchases, April 30, 2025. View Original