Visa is bolstering its stablecoin initiative by integrating five more blockchain networks into its settlement pilot, adopting a multichain strategy for global transactions. On Wednesday, the payment giant announced that its stablecoin settlement pilot now operates across nine networks, achieving a $7 billion annual 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 channels.
The newly integrated blockchains include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, in addition to existing integrations with Ethereum, Solana, Avalanche, and Stellar. This move by Visa comes as stablecoins, cryptocurrencies pegged to fiat currencies, are becoming increasingly popular for cross-border money transfers. Through pilots and regional deployments, Visa has been testing this model, including USDC settlement tied to card programs in over 50 countries.
By using blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need to wait several days for funds to move through traditional banking systems. By supporting multiple networks, Visa aims to provide partners with access to various liquidity pools without added complexity. "Our partners operate in a multi-chain environment and expect their options to reflect this reality," stated Rubail Birwadker, Visa's global head of growth products and strategic partnerships.
"Expanding our stablecoin settlement pilot to more blockchains allows our partners to choose the networks that best suit their needs while relying on Visa to provide a unified settlement layer across all of them."