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- Visa will support 4 stablecoins across 4 unique blockchains.
- Stablecoin-linked transactions hit a $2.5B annualized run rate.
- Banks can now mint and burn stablecoins via Visa’s platform.
Global payments leader Visa is accelerating its push into the cryptocurrency space by supporting four stablecoins across four distinct blockchains. The announcement comes as part of Visa’s broader strategy to expand crypto offerings, following a year of strong growth in stablecoin activity.
Visa CEO Ryan McInerney told investors that the company now accepts and converts two currencies into over 25 traditional fiat currencies, using these stablecoins. While he did not disclose the exact coins or networks, this move significantly broadens Visa’s existing stablecoin ecosystem.
Building on an established foundation
Visa already supports several stablecoins, including Circle’s USDC (USDC) and Euro Coin (EURC), PayPal USD (PYUSD), and Global Dollar (USDG), on blockchains like Ethereum, Solana, Stellar, and Avalanche. McInerney highlighted the momentum behind stablecoins, pointing out that Visa has facilitated $140 billion in crypto and stablecoin flows since 2020.
In addition, Visa’s stablecoin-linked card services have seen global consumer spending quadruple in the last quarter compared to the same period last year. Monthly volumes have now reached an annualized run rate exceeding $2.5 billion.
Focus on banks and cross-border payments
Visa plans to broaden its stablecoin offerings to banks and traditional financial institutions, enabling smoother cross-border transactions. The effort began in late September through a Visa Direct pilot program, allowing banks to pre-fund payments using USDC and EURC.
Also Read: Visa to Launch Stablecoin in 2025 for Faster Payments
McInerney emphasized that Visa is investing in a solutions layer to enhance client services, including capabilities like minting and burning stablecoins. “We are starting to enable banks to mint and burn their own stablecoins with the Visa tokenized asset platform,” he said, “and we are adding stablecoin features to improve cross-border money movement with Visa Direct.”
Visa’s expansion into stablecoins reflects its commitment to bridging traditional finance and crypto. By supporting multiple stablecoins across various blockchains and providing banks with new tools, Visa is positioning itself as a key player in the growing digital currency ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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