Visa has expanded its stablecoin initiative by incorporating five new blockchain platforms, adopting a multichain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot program now spans nine networks, achieving a $7 billion annualized rate, representing a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins instead of traditional banking systems. The newly added blockchain platforms include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, in addition to existing integrations with Ethereum, Solana, Avalanche, and Stellar.
As stablecoins, which are cryptocurrencies pegged to the value of fiat currency, gain traction in global money transfers, Visa is testing this model through pilot programs and regional launches, including USDC settlement tied to card programs in over 50 countries. By using blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need to wait days for funds to move through banking systems. Visa's support for multiple networks aims to provide partners with access to various liquidity pools without added complexity.
According to Rubail Birwadker, Visa's global head of growth products and strategic partnerships, 'Our partners are developing in a multi-chain world and expect their options to reflect that reality. By expanding our stablecoin settlement pilot program to more blockchains, our partners can choose the networks that best suit their needs while relying on Visa to provide a common settlement layer across all of them.'