Visa has announced the expansion of its stablecoin initiative by integrating five additional blockchains, adopting a multi-chain strategy for international payments. The company revealed that its stablecoin settlement pilot program now covers 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 supported blockchains 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, which are cryptocurrencies pegged to the value of fiat currencies, become increasingly popular for cross-border transactions, Visa is exploring this model through pilots and regional launches, including the use of USDC for card programs in over 50 countries. By using blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for days of waiting for funds to clear through traditional banking channels.
By supporting multiple networks, Visa aims to provide partners with access to various liquidity pools without added complexity. According to Rubail Birwadker, Visa's global head of growth products and strategic partnerships, 'Our partners operate in a multi-chain 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.'