Visa is bolstering its stablecoin initiatives by integrating five more blockchain networks, adopting a multichain strategy for global payment processing. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks and has achieved an annualized transaction volume of $7 billion, 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 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 fiat currencies, gain traction in cross-border money transfers, Visa is expanding its testing of this model through pilot programs and regional launches, including USDC settlement tied to card programs in over 50 countries.
By utilizing blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need to wait several days for funds to clear through traditional banking channels. By supporting multiple networks, Visa aims to provide its 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 reflect this reality. By expanding our stablecoin settlement pilot program to more blockchain networks, our partners can choose the networks that best suit their needs while relying on Visa to provide a unified settlement layer across all of them.'