Visa is bolstering its stablecoin capabilities by incorporating five more blockchain networks into its settlement pilot, adopting a multi-chain strategy for global transactions. The company announced on Wednesday that its stablecoin settlement pilot now encompasses nine networks, with a $7 billion annualized run rate, marking a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins instead of traditional banking systems.
The newly added blockchain networks include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, which join the existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, gain traction in cross-border money transfers, Visa is testing this model through pilots and regional rollouts, including USDC settlement tied to card programs in over 50 countries. By using blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need to wait days for funds to move through banking systems.
By supporting multiple networks, Visa aims to provide partners with access to various 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 that reality. By expanding our stablecoin settlement pilot program to more 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.'