Visa is furthering its stablecoin initiatives by integrating five additional blockchains, adopting a multi-chain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot now encompasses nine networks, achieving a $7 billion annual run rate, marking a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins rather than traditional banking channels.
The newly added blockchains include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, complementing existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins, or cryptocurrencies pegged to fiat currency, gain traction in cross-border money movement, Visa's expansion is well-timed.
The company has been testing and rolling out this model through various pilots and regional launches, including USDC settlement tied to card programs in over 50 countries. By utilizing blockchain-based dollars, partners can settle transactions in near real-time, avoiding the delays associated with traditional banking systems. Visa's support for multiple networks 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 operate in a multi-chain world and expect their options to reflect this reality. By expanding our stablecoin settlement pilot to more blockchains, 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.'