Visa is bolstering its stablecoin initiative by integrating five additional blockchain networks, underscoring its commitment to a multichain strategy for global payment processing. On Wednesday, the payment giant announced that its stablecoin settlement pilot program now encompasses nine networks, achieving a $7 billion annual run rate - a 50% increase from the previous quarter. This program enables issuers and acquirers to utilize stablecoins for transaction settlements, bypassing traditional banking channels. The newly integrated 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.
This development comes as stablecoins, cryptocurrencies pegged to the value of fiat currencies, are gaining traction as a means for cross-border money movement. Through pilots and regional deployments, Visa has been exploring this model, 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, eliminating the need for days-long waits associated with traditional banking systems. By supporting multiple networks, Visa aims to provide partners with access to diverse liquidity pools without added complexity. "Our partners operate in a multi-chain environment and expect their options to reflect this reality," stated Rubail Birwadker, Visa's global head of growth products and strategic partnerships. "By expanding our stablecoin settlement pilot to more blockchain networks, 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."