Visa is bolstering its stablecoin offerings by integrating five additional blockchain networks, underscoring its commitment to a multichain approach in global payment processing. As of Wednesday, Visa's stablecoin settlement pilot program has expanded to nine networks, achieving 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, bypassing traditional banking channels. The newly added blockchains - including Coinbase's Base, Polygon, Canton Network, Circle's Arc, and Stripe-backed Tempo - join existing integrations with Ethereum, Solana, Avalanche, and Stellar. Visa's strategic move coincides with the growing adoption of stablecoins, cryptocurrencies pegged to the value of fiat currencies, as a viable means of cross-border money movement.
Through pilots and regional deployments, Visa has been exploring this model, including USDC settlement linked to card programs in over 50 countries. By leveraging blockchain-based dollars, partners can settle transactions in near real-time, eliminating the need for prolonged waits 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 operate in a multi-chain environment and expect their options to reflect this reality.
By expanding our stablecoin settlement pilot 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.'