Visa Expands Stablecoin Settlement Network to 9 Chains, Achieving $7 Billion in Annualized Settlement Volume

BlockBeats News, April 29th, Payment giant Visa announced an expansion of its stablecoin settlement pilot network, adding support for Base, Polygon, Canton Network, Arc, and Tempo supported by Stripe, now covering a total of 9 blockchain networks. Previously, Visa has supported Ethereum, Solana, Avalanche, and Stellar.

Visa stated that the current annualized transaction volume of its stablecoin settlement project has reached $7 billion, a 50% increase from the previous quarter. This project allows issuing banks and acquiring banks to settle transactions directly using stablecoins, rather than relying on the traditional banking clearing system.

Visa's Global Head of Growth, Products, and Strategic Partnerships, Rubail Birwadker, mentioned that current partners are operating in a "multi-chain world," and Visa aims to provide broader liquidity access to partners by supporting more networks. Visa will act as a unified settlement layer to facilitate cross-chain coordination.