Visa is bolstering its commitment to stablecoins by integrating five additional blockchain networks into its settlement program, underscoring a strategic shift towards a multichain approach for global payments. On Wednesday, the company announced that its stablecoin settlement pilot program now encompasses nine networks and has achieved an annualized run rate of $7 billion, marking a 50% increase from the previous quarter. This program enables issuers and acquirers to utilize stablecoins for transaction settlements, bypassing traditional banking channels.
The newly integrated blockchain networks include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, complementing existing integrations with Ethereum, Solana, Avalanche, and Stellar. This expansion by Visa coincides with the increasing adoption of stablecoins - cryptocurrencies pegged to the value of fiat currencies - as a viable means for cross-border money transfers. Through pilots and regional rollouts, including the implementation of USDC settlement tied to card programs in over 50 countries, Visa has been exploring this model.
By leveraging blockchain-based dollars, partners can settle transactions in near real-time, avoiding 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. "Our partners are developing solutions in a multichain ecosystem and 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."