Visa is further expanding its stablecoin capabilities by integrating five new blockchain networks into its settlement pilot program, adopting a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot now covers nine networks and has achieved 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 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 global money transfers, Visa is testing this model through pilots and regional rollouts, including USDC settlement tied to card programs in over 50 countries. By using blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need to wait days for funds to move through traditional banking systems.
By supporting multiple networks, Visa aims to provide its 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 program to more blockchains, our partners can choose the networks that best suit their needs while relying on Visa to provide a common settlement layer across all of them.'