Visa is further expanding its involvement in the stablecoin market by integrating five new blockchain networks into its settlement pilot program, adopting a multichain strategy for global transactions. On Wednesday, the company announced that its stablecoin settlement pilot now covers 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 settle transactions using stablecoins rather than relying on traditional payment systems. The newly added blockchain networks 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.
Visa's decision to expand its stablecoin capabilities comes at a time when stablecoins, cryptocurrencies pegged to the value of traditional currencies, are increasingly being used for cross-border transactions. The company has been exploring this model through various pilot programs and regional launches, including a USDC settlement program linked to card initiatives in over 50 countries. By utilizing blockchain-based currencies, partners can settle transactions in near real-time, eliminating the need to wait several days for funds to be transferred through conventional banking systems.
By supporting multiple networks, Visa aims to provide its partners with access to diverse liquidity pools without added complexity. "Our partners are developing solutions in a multi-chain environment, and they expect us to provide options that reflect this reality," stated Rubail Birwadker, Visa's global head of growth products and strategic partnerships. "By expanding our stablecoin settlement pilot program to include more blockchain networks, 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."