Visa is bolstering its commitment to stablecoins by expanding its settlement pilot to encompass nine blockchain networks, achieving a $7 billion annualized run rate, which represents a 50% increase from the previous quarter. This initiative enables issuers and acquirers to utilize stablecoins for transaction settlements, rather than relying on traditional banking systems. The newly added blockchain networks, comprising Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, complement existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, continue to emerge as a viable means of cross-border money transfer, Visa is embracing a multichain approach to global payments.
By supporting multiple networks, Visa aims to provide its partners with access to diverse liquidity pools without introducing unnecessary complexity. According to Rubail Birwadker, Visa's global head of growth products and strategic partnerships, 'Our partners operate in a multichain environment and expect their options to align with this reality.
By expanding our stablecoin settlement pilot to additional blockchains, our partners can select the networks that best suit their requirements, while relying on Visa to provide a unified settlement layer across all of them.'