Visa has announced the expansion of its stablecoin initiative by integrating five additional blockchain networks, adopting a multichain strategy for global payments. The company revealed on Wednesday that its stablecoin settlement pilot program now covers 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 settle transactions using stablecoins instead of traditional banking systems.
The newly supported blockchain networks include Base from Coinbase, Polygon, Canton Network, Arc from Circle, and Tempo, which is backed by Stripe. These additions join the existing integrations with Ethereum, Solana, Avalanche, and Stellar.
Visa's expansion comes at a time when stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, are gaining popularity as a means of cross-border money transfer. The company has been experimenting with this model through various pilots and regional launches, including the settlement of USDC transactions tied to card programs in over 50 countries. By utilizing blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need to wait for days as funds move through traditional banking systems.
By supporting multiple networks, Visa aims to provide its 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 program to more blockchains, our partners can choose the networks that best suit their needs while relying on Visa to provide a unified settlement layer across all of them.'