Visa has announced an expansion of its stablecoin settlement initiative, now supporting transactions across nine blockchain networks, with the program achieving a significant $7 billion annualized run rate, marking a 50% increase from the previous quarter. This development underscores Visa's strategic shift towards a multichain approach for global payments. The newly added blockchain networks - Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo - complement the existing integrations with Ethereum, Solana, Avalanche, and Stellar. This move by Visa aligns with the growing traction of stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, in facilitating cross-border money transfers.
By embracing a multichain strategy, Visa aims to provide its partners with access to diverse liquidity pools without introducing additional complexity, thereby enabling near real-time transaction settlements using blockchain-based currencies.