Visa is bolstering its stablecoin capabilities by integrating five additional blockchains into its settlement pilot, adopting a multichain strategy for global payments. The company announced on Wednesday that its stablecoin settlement pilot now covers nine networks, with a $7 billion annualized run rate, marking a 50% increase from the previous quarter. This program enables issuers and acquirers to settle transactions using stablecoins rather than traditional banking channels. The newly supported blockchains include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, joining existing integrations with Ethereum, Solana, Avalanche, and Stellar.
As stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, gain traction in global money movement, Visa is testing this model through pilots and regional launches, 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 for multi-day waits associated with traditional banking systems. By supporting multiple networks, Visa aims to provide 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 world and expect their options to reflect this reality. By expanding our stablecoin settlement pilot program to more 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.'