Visa is bolstering its stablecoin initiatives by incorporating support for five more 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 and has achieved a $7 billion annualized 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 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. As stablecoins, or cryptocurrencies pegged to the value of fiat currencies, gain traction as a means of cross-border money transfer, Visa is 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, bypassing the delays 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 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.'