Visa Expands Stablecoin Settlement Program with New Blockchain Partnerships
- Visa has added five new blockchain networks, including Coinbase’s Base and Polygon, to its stablecoin settlement program.
- The program now supports nine blockchain networks, enhancing Visa’s global settlement capabilities.
- Visa’s pilot program reported an annualized settlement value of $7 billion, representing a growth of 50% from the previous quarter.
- Partnerships include layer-1 blockchains Arc, Canton, and Tempo to facilitate institutional settlements and liquidity management.
- Transactions are now enabled across Latin America, Europe, Asia, and increased access for U.S. financial institutions.
This expansion aligns with the growing adoption of stablecoins in various markets as Visa aims to enhance payment systems globally. The initiative reflects a shift towards interoperability in a multi-chain environment.
With the addition of these new partnerships, Visa is making significant strides in stablecoin payments, achieving a notable annualized settlement value of $7 billion.(Source)
