Visa is augmenting its support for stablecoins by integrating five more blockchain networks, underscoring its commitment to a multichain strategy for global payment processing. On Wednesday, the company announced that its stablecoin settlement pilot program has expanded to nine networks and achieved an annualized transaction volume of $7 billion, marking a 50% increase from the previous quarter. The program enables issuers and acquirers to utilize stablecoins for transaction settlements, bypassing 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.
This development occurs as stablecoins, cryptocurrencies pegged to the value of fiat currencies, are gaining traction as a means of facilitating cross-border transactions. Visa has been exploring this model through pilot programs and regional deployments, including the use of USDC for settlement in card programs across over 50 countries. By leveraging blockchain-based currencies, partners can settle transactions in near real-time, eliminating the need for prolonged waiting periods associated with traditional banking systems. Visa's support for multiple networks aims to provide partners with access to diverse liquidity pools without added complexity.
"Our partners are developing solutions in a multi-chain environment, and they expect us to provide options that reflect this reality," stated Rubail Birwadker, Visa's global head of growth products and strategic partnerships. "By expanding our stablecoin settlement pilot program to additional 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."