Visa is bolstering its commitment to stablecoins by integrating support for an additional five blockchain networks, underscoring its dedication to a multichain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks, with a transaction volume of $7 billion on an annualized basis, marking a 50% increase from the preceding quarter.
This program enables issuers and acquirers to utilize stablecoins for transaction settlement instead of traditional banking channels. 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. This development occurs as stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are becoming increasingly popular for cross-border money transfers.
Visa has been exploring this model through pilots and regional launches, including the use of USDC for settlement in conjunction with card programs across more than 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.
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 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.'