Visa is bolstering its stablecoin initiatives by integrating five additional blockchain networks, adopting a multi-chain strategy for international payments. The company announced on Wednesday that its stablecoin settlement pilot program now encompasses nine networks, with 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 rather than traditional banking channels. The newly added blockchain platforms 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, or cryptocurrencies pegged to the value of fiat currencies, gain traction in cross-border money movement, Visa is expanding its testing of this model through pilots and regional rollouts. This includes the use of USDC for settlement in card programs across over 50 countries. By utilizing 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 various liquidity pools without added complexity. According to Rubail Birwadker, Visa's global head of growth products and strategic partnerships, "Our partners are developing 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."