Visa is bolstering its commitment to stablecoins by integrating five additional blockchain networks into its settlement pilot, underscoring its dedication to a multichain strategy for global payments. As of Wednesday, the payment giant's stablecoin settlement pilot 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 blockchains include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, which join the existing roster of supported networks such as Ethereum, Solana, Avalanche, and Stellar. Visa's expansion comes at a time when stablecoins, cryptocurrencies pegged to the value of fiat currencies, are gaining traction as a means of facilitating cross-border money transfers. The company has been actively testing and implementing this model through pilots and regional rollouts, including the use of USDC for settlement in card programs across over 50 countries.
By leveraging blockchain-based dollars, partners can now settle transactions in near real-time, eliminating the need to wait several days for funds to clear through conventional banking systems. Through its support for multiple networks, Visa aims to provide its partners with access to diverse liquidity pools without added complexity.
"Our partners operate in a multichain environment and expect their options to reflect this reality," stated Rubail Birwadker, Visa's global head of growth products and strategic partnerships. "By expanding our stablecoin settlement pilot to additional 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."