Visa is bolstering its commitment to stablecoins by integrating five additional blockchain networks, underscoring its dedication to a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks and has achieved 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 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, cryptocurrencies pegged to the value of fiat currencies, gain traction as a means of cross-border money movement, Visa's move aligns with this trend. The company has been exploring this model through pilots and regional rollouts, including the use of USDC for settlement in card programs across over 50 countries.
By leveraging blockchain-based dollars, partners can settle transactions in near real-time, bypassing the days-long wait associated with traditional banking systems. Visa's support for multiple networks aims to provide partners with access to various liquidity pools without added complexity.
"As our partners operate in a multi-chain environment, they expect their options to align with this reality," stated Rubail Birwadker, Visa's global head of growth products and strategic partnerships. "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."