Visa Broadens Stablecoin Settlement Network as Transaction Volume Surges to $7 Billion Run Rate
The payments leader has integrated support for Stripe’s Tempo, Circle’s Arc, Coinbase’s Base, Polygon, and Canton Network as stablecoins increasingly facilitate cross-border transactions.
What to know:
— Visa is scaling its stablecoin settlement pilot to encompass nine blockchains, incorporating Base, Polygon, Canton Network, Arc, and Tempo alongside existing support for Ethereum, Solana, Avalanche, and Stellar.
— This initiative, enabling issuers and acquirers to settle transactions via stablecoins rather than conventional banking systems, has achieved a $7 billion annualized run rate, marking a 50% increase from the previous quarter.
— By embracing multiple networks and facilitating near real-time, cross-border settlement using USDC and other stablecoins, Visa intends to provide partners with access to diverse liquidity pools while functioning as a unified settlement layer.
Visa (V) is intensifying its stablecoin efforts by incorporating five additional blockchains, adopting a multi-chain strategy for global payments.
The payments leader announced Wednesday that its stablecoin settlement pilot now covers nine networks and has attained a $7 billion annualized run rate, up 50% from the prior quarter. The program allows issuers and acquirers to settle transactions using stablecoins instead of traditional banking rails.
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.
Visa’s move comes as stablecoins — cryptocurrencies with prices tied to fiat money — are gaining ground as a way to move money across borders. Decryptnews has been testing that model through pilots and regional rollouts, including USDC settlement tied to card programs in more than 50 countries.
Instead of waiting days for funds to move through banking systems, partners can settle transactions using blockchain-based dollars that move in near real time. By supporting multiple networks, Visa is aiming to give partners access to different pools of liquidity without added complexity.
«Our partners are building in a multi-chain world, and they expect their options to reflect that reality,» said Rubail Birwadker, Visa’s global head of growth products and strategic partnerships. «Expanding our stablecoin settlement pilot program to more blockchains means our partners can choose the networks that best fit their needs, while relying on Visa to provide a common settlement layer across all of them.»