Visa is bolstering its commitment to stablecoins by integrating five new blockchain networks into its settlement pilot, adopting a multi-chain strategy for global transactions. The company announced on Wednesday that its stablecoin settlement pilot now operates across nine networks, achieving a $7 billion annual run rate, representing 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 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, 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 the settlement of USDC 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 move through conventional 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 operate in a multi-chain environment and expect their options to reflect this reality. By expanding our stablecoin settlement pilot to more blockchain networks, 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.'