Visa is bolstering its stablecoin initiatives by extending support to five more blockchain networks, underscoring its commitment to a multichain approach in global payment processing. The company announced on Wednesday that its stablecoin settlement pilot now encompasses nine networks, achieving a $7 billion annualized growth rate - a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins, 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. As stablecoins gain traction as a means of cross-border money transfer, Visa has been exploring this model through pilots and regional rollouts, including USDC settlement 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 days-long 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 operate in a multi-chain world 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.'