Visa is bolstering its stablecoin initiatives by integrating five new blockchains into its settlement pilot program, adopting a multichain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot now covers nine networks and has achieved an annualized run rate of $7 billion, marking a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins rather than traditional banking channels. The newly added blockchains 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.
As stablecoins, or cryptocurrencies pegged to the value of fiat currencies, gain traction in cross-border money transfers, Visa is exploring this model through pilots and regional launches, such as the USDC settlement linked to card programs in over 50 countries. By leveraging blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for multiple days of waiting for funds to move through 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 multi-chain 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.'