V

Visa Inc

research_scan theme='dollar-system'; value_chain_position='picks-and-shovels'; Dominant USD cross-border payment rails. Per the BIS Triennial framework, the dollar sits on ~88% of FX trading legs; Visa's cross-border revenue line captures the transactional dimension of that share. Picks-and-shovels for C-03 architectural durability regardless of which Mag-7 or which CB rebalances — the rails handle the flow either way. Watch the Pix-USTR escalation as a left-tail political risk on the cross-border-rails monopoly.