Visa has announced the expansion of its stablecoin initiative by incorporating support for five more blockchain networks, adopting a multi-chain strategy for global payments. The company's stablecoin settlement pilot now encompasses nine networks and has achieved 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 systems. The newly added blockchains include Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo, which join the existing integrations with Ethereum, Solana, Avalanche, and Stellar. As stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, continue to gain traction as a means of cross-border money transfer, Visa is further exploring this model through pilots and regional launches, including the use of USDC for settlement in card programs across over 50 countries.
By leveraging blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for lengthy waiting periods associated with traditional banking systems. Visa's support for multiple networks 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 are developing solutions 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 select the networks that best suit their needs while relying on Visa to provide a unified settlement layer across all of them.'