Visa has announced an expansion of its stablecoin initiative by integrating five more blockchain networks, adopting a multichain strategy for global payment processing. The company reported that its stablecoin settlement pilot program now covers nine networks and has achieved a $7 billion annual run rate, representing a 50% increase from the previous quarter. This program enables issuers and acquirers to use stablecoins for transaction settlements instead of traditional banking systems.
The newly integrated blockchain networks include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, in addition to existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, become increasingly popular for cross-border money transfers, Visa is exploring this model through pilots and regional rollouts, including USDC settlement for card programs in over 50 countries. By utilizing blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for extended waiting periods associated with traditional banking systems. By supporting multiple networks, Visa aims to provide partners with access to diverse liquidity pools without added complexity.
According to Rubail Birwadker, Visa's global head of growth products and strategic partnerships, 'Our partners are developing solutions in a multichain environment and expect their options to reflect this reality. By expanding our stablecoin settlement pilot to additional blockchain networks, our partners can select the networks that best suit their needs while relying on Visa to provide a unified settlement layer across all of them.'