Visa has expanded its stablecoin settlement initiative by incorporating five new blockchain networks, underscoring its commitment to a multichain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot now encompasses nine networks and has achieved an annualized transaction volume of $7 billion, representing 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, which join the existing integrations with Ethereum, Solana, Avalanche, and Stellar. Visa's decision to expand its stablecoin capabilities comes at a time when stablecoins, cryptocurrencies pegged to the value of fiat currencies, are gaining popularity as a means of facilitating cross-border transactions.
Through pilots and regional rollouts, Visa has been exploring the potential of stablecoins, including the settlement of USDC transactions tied to card programs in over 50 countries. By utilizing blockchain-based currencies, partners can settle transactions in near real-time, eliminating the need for extended waiting periods 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 are developing solutions in a multi-chain environment, and they expect their options to reflect this reality.
By expanding our stablecoin settlement pilot program 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.'