Visa is bolstering its stablecoin capabilities by integrating five additional blockchain networks, underscoring its commitment to a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks, with a notable 50% increase in transaction volume to a $7 billion annualized run rate. This initiative enables issuers and acquirers to settle transactions using stablecoins, bypassing traditional banking channels. The newly integrated blockchains include Base from Coinbase, Polygon, Canton Network, Circle's Arc, and Tempo, which is backed by Stripe.
These additions join the existing integrations with Ethereum, Solana, Avalanche, and Stellar. Visa's expansion comes at a time when stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining traction as a means of facilitating cross-border transactions. The company has been exploring this model through pilots and regional launches, including the settlement of USDC transactions 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 lengthy 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 are developing solutions in a multi-chain ecosystem, and they expect their options to align with 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 unified settlement layer across all of them.'