Visa plans to support more stablecoins, more blockchains, and more use cases within its settlement platform.
Visa is making significant strides in the stablecoin ecosystem, expanding its support for additional stablecoins and blockchains to streamline settlement transactions for its partners. This move reflects the company’s commitment to staying at the forefront of the evolving global financial landscape.
The company’s settlement platform has recently been enhanced with several key additions. Through a new partnership with Paxos, Visa now supports two more dollar-backed stablecoins: Global Dollar (USDG) and PayPal USD (PYUSD). This gives its partners more trusted options to work with. Additionally, Visa has integrated two new blockchains, Stellar and Avalanche, to its existing support for Ethereum and Solana. The network has also added support for Circle’s euro-backed stablecoin, EURC. This means Visa’s network now supports a total of four stablecoins and four unique blockchains.
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According to Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships at Visa, the company is building a “multi-coin and multi-chain infrastructure” to meet the diverse needs of its global partners. He emphasized that trustworthy, scalable, and interoperable stablecoins have the potential to fundamentally change how money moves around the world.
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The integration of EURC is particularly notable, as it allows select Visa partners in a pilot program to settle transactions in both USD- and EUR-backed stablecoins. This expands Visa’s treasury infrastructure, which already handles settlement in over 25 fiat currencies.
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Visa is positioning itself as a leader in stablecoin acceptance, offering a network that is interoperable across multiple blockchains and provides flexible billing options. As the stablecoin market continues to grow, Visa’s mission is to build the secure and reliable infrastructure needed for stablecoin payments to operate on a global scale, just like its traditional payment methods.
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Source : businesswire