Visa has announced an expansion of its stablecoin initiative, integrating five new blockchain networks into its settlement pilot program. This move brings the total number of supported networks to nine and marks a significant milestone, with the program achieving a $7 billion annualized run rate, representing a 50% increase from the previous quarter.
The expanded pilot enables issuers and acquirers to settle transactions using stablecoins, bypassing traditional banking systems. The newly added blockchains, which include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, join existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins gain traction in global money movement, Visa's multichain approach aims to provide partners with access to diverse liquidity pools without added complexity.
By leveraging blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for lengthy waiting periods associated with traditional banking systems. According to Rubail Birwadker, Visa's global head of growth products and strategic partnerships, 'Our partners operate in a multi-chain world and expect flexibility in their options. By expanding our stablecoin settlement pilot to more blockchains, we provide our partners with the freedom to choose the networks that best suit their needs, while relying on Visa for a unified settlement layer across all networks.'