Visa is bolstering its stablecoin initiatives by integrating five additional blockchain networks, underscoring its commitment to a multichain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot program, which now encompasses nine networks, has achieved a $7 billion annual run 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, complementing existing integrations with Ethereum, Solana, Avalanche, and Stellar.
As stablecoins, or cryptocurrencies pegged to the value of traditional currencies, gain traction in cross-border money movement, Visa's expansion comes at an opportune time. The company has been exploring this model through pilots and regional launches, including a USDC settlement program tied to card offerings in over 50 countries.
By leveraging blockchain-based currencies, 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 operate in a multi-chain environment and expect their options to reflect this reality. 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.'