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Visa expands stablecoin pilot to 9 chains with an annual settlement volume of $7 billion
Techub News, citing a report by Bitcoinist, says Visa has announced it will expand its stablecoin settlement pilot to five additional blockchains: Arc, Base, Canton, Polygon, and Tempo. Together with existing networks such as Ethereum and Solana, the pilot now covers 9 blockchains. The company says its current annualized settlement run rate is $7 billion, up 50% from the previous quarter. The head of global growth products and strategic partnerships said that expanding to more blockchains means partners can choose the network that best fits their needs, while relying on Visa to provide a cross-chain universal settlement layer. This expansion comes as the U.S. “GENIUS Act” is signed, with momentum for global stablecoin regulation increasing; the total market capitalization of stablecoins has recently neared an all-time high of $320 billion.