Visa has announced an expansion of its stablecoin initiative, incorporating five additional blockchains into its settlement pilot program, which now operates across nine networks and has achieved an annualized transaction volume of $7 billion, representing a 50% increase from the previous quarter. This program enables issuers and acquirers to utilize stablecoins for transaction settlements, bypassing traditional banking systems.
The newly integrated blockchains 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 gain traction in global payments due to their ability to facilitate rapid cross-border transactions, Visa's strategic move aims to provide partners with access to diverse liquidity pools without added complexity, aligning with the company's multichain approach to global payments.