Visa is bolstering its stablecoin initiatives by integrating five additional blockchain networks, underscoring its commitment to a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks and has achieved a $7 billion annual run rate, marking 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 supported 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. As stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, gain traction in cross-border money transfers, Visa is expanding its testing of this model through pilots and regional launches. This includes 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 lengthy 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 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.'