Visa is bolstering its stablecoin initiatives by integrating five additional blockchains, adopting a multichain 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 integrated 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, which are cryptocurrencies pegged to fiat currencies, gain traction in cross-border money movement, Visa's expansion is a strategic move.
The company has been exploring this model through pilots and regional launches, including USDC settlement linked to card programs in over 50 countries. By utilizing blockchain-based dollars, partners can settle transactions almost instantly, eliminating the need for days-long waits 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 environment 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.'