Visa is bolstering its commitment to stablecoins by incorporating five more blockchain networks into its settlement pilot, adopting a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot now encompasses nine networks, achieving an annualized run rate of $7 billion, which represents a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins rather than traditional banking systems. The newly added blockchain networks 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 the value of fiat currencies, gain traction in facilitating cross-border money transfers, Visa's expansion is well-timed. The company has been exploring this model through pilots and regional deployments, such as the USDC settlement tied to card programs in over 50 countries. By utilizing blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for prolonged waits 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 multichain 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.'