Visa is bolstering its stablecoin initiative by integrating five more blockchain networks, underscoring its commitment to a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot program 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 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, or cryptocurrencies pegged to the value of traditional currencies, gain traction in cross-border money movement, Visa's expansion is timely.
The company has been exploring this model through pilots and regional launches, including the use of USDC for settlement in card programs across 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 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 for a uniform settlement layer across all networks.'