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Visa expands stablecoin settlement network, with annual transaction volume reaching $7 billion
CryptoWorld Network news: Visa is expanding its stablecoin settlement network, adding support for five blockchains, so that its stablecoin settlement pilot project now covers nine networks. Its annualized transaction volume has reached $7 billion, up 50% from the previous quarter. The project allows issuers and payees to settle transactions using stablecoins instead of traditional banking channels. The newly supported blockchains include Coinbase’s Base, Polygon, Canton Network, Circle’s Arc, and Tempo supported by Stripe. Existing integrations also include Ethereum, Solana, Avalanche, and Stellar. Visa said that stablecoins, as a cross-border funds transfer method, are gaining increasing attention. By supporting multiple networks, Visa aims to provide partners with different liquidity pools without adding complexity. Rubail Birwadker, Head of Global Growth Products and Strategic Partnerships at Visa, said, “Our partners are building a multi-chain world, and they want their choices to reflect that reality.”