Visa has announced an expansion of its stablecoin initiative by incorporating five new blockchain networks, adopting a multichain strategy for global payments. The company's stablecoin settlement pilot program now operates on nine networks, achieving an annualized run rate of $7 billion, marking a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins, an alternative to traditional banking systems.
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, cryptocurrencies pegged to fiat currencies, gain traction in cross-border transactions, Visa's move signifies a strategic push into this emerging landscape. By supporting multiple networks, Visa aims to provide partners with access to diverse liquidity pools without added complexity, allowing for near real-time transaction settlement.
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 deliver a unified settlement layer across all of them.'