Visa is bolstering its stablecoin initiative by incorporating support for five more blockchain networks, adopting a multi-chain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks, achieving 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 instead of traditional banking systems.
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, cryptocurrencies pegged to the value of fiat currencies, gain traction in cross-border money movement, Visa is testing this model through pilots and regional deployments, 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 days for funds to move through 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 are developing in a multi-chain world and expect their options to reflect this reality. By expanding our stablecoin settlement pilot program to more blockchains, our partners can select the networks that best suit their needs while relying on Visa to provide a common settlement layer across all of them.'