Visa is bolstering its stablecoin initiatives by integrating five additional blockchains, embracing a multichain strategy for global transactions. 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, which are cryptocurrencies pegged to fiat currencies, gain traction in cross-border money movement, Visa's move is strategically timed. The company has been exploring this model through pilots and regional launches, including USDC settlement linked to card programs in over 50 countries. By leveraging blockchain-based dollars, partners can settle transactions in near real-time, bypassing the days-long wait 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 align with 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.'