Visa is bolstering its commitment to stablecoins by integrating five new blockchains into its settlement network, underscoring its dedication to a multichain strategy for global transactions. The company announced on Wednesday that its stablecoin settlement pilot program has expanded to nine networks, achieving an annualized transaction volume of $7 billion, marking a 50% increase from the previous quarter. This initiative enables issuers and acquirers to utilize stablecoins for transaction settlements, bypassing traditional banking channels.
The newly added blockchains - including Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo - join the existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins gain traction as a means of cross-border money movement, Visa's move is timely. The company has been exploring this model through pilots and regional launches, such as the USDC settlement tied to card programs in over 50 countries.
By leveraging blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for prolonged 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 multichain environment and expect their options to reflect 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.'