Visa Expands Global Pilot Program for Stablecoin Settlements
Visa has broadened its global pilot program for stablecoin settlements, now encompassing a total of nine blockchain networks as of Wednesday. This expansion is in line with the company’s remarkable growth trajectory in the blockchain sector, which has seen an annualized run rate of $7 billion and a staggering 50% increase in quarterly performance.
Newly Included Blockchain Networks
The newly included networks—Arc, Base, Canton, Polygon, and Tempo—each cater to unique needs for settlement, according to Visa’s recent announcement.
- Base and Polygon are scaling networks built on Ethereum, enhancing transaction efficiency.
- Arc, associated with Circle, and Tempo, linked to Stripe, function as layer-1 chains specializing in stablecoins and payment transactions.
- Canton offers customizable privacy controls designed for financial institutions.
These new adoptions supplement Visa’s current capabilities, which include networks like Ethereum, Solana, Avalanche, and Stellar, thereby establishing a robust multi-chain framework for settlements.
Growing Demand for Blockchain Payment Systems
The swift progression of Visa’s pilot underscores the growing traction that blockchain payment systems are gaining among institutional clients. Impressively, the usage volume for Visa’s stablecoin settlements surged from $4.7 billion to an annualized $7 billion within a single quarter—a sign of increasing demand from clients.
Visa’s Commitment to the Stablecoin Market
Beyond just a settlement platform, Visa is deeply invested in the stablecoin market, operating over 130 stablecoin-linked card programs in more than 50 countries. This integration bridges the gap between digital currencies and traditional financial systems.
“Our collaborators are building within a multi-chain ecosystem, and they anticipate that our offerings should mirror this complexity,” stated Rubail Birwadker, Visa’s Global Head of Growth Products and Strategic Partnerships.
He further emphasized that expanding the stablecoin pilot to additional blockchains enables partners to select networks that best align with their operational needs while maintaining a consistent settlement layer through Visa.
Support for New Blockchain Players
Notably, Arc, Tempo, and Canton are relatively new players in the blockchain landscape, with Visa already providing support to each. The company has taken on the role of a design partner for Arc and recently secured positions as a validator for both Tempo and Canton.
