Visa is bolstering its stablecoin offerings by integrating support for five additional blockchain networks, adopting a multi-chain strategy for global payment processing. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks, with a $7 billion annualized run rate, representing a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins instead of traditional banking systems.
The newly supported blockchain networks include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, which join existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins, or cryptocurrencies pegged to the value of fiat currencies, gain traction in global money transfers, Visa is expanding its testing of this model through pilots and regional rollouts, including USDC settlement tied to card programs in over 50 countries.
By utilizing blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for multi-day waits associated with traditional banking systems. By supporting multiple networks, Visa 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 are developing solutions in a multi-chain environment, and they 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.'