- Visa to integrate four new stablecoins across Ethereum, Solana, Stellar, and Avalanche.
- Stablecoin-linked card spending quadrupled year-over-year, hitting $2.5B annualized volume.
Visa is set to incorporate four new stablecoins that work on distinct blockchain networks into its cryptocurrency expansion effort. The payment processing giant shared the intention during its latest earnings call, a key milestone in the drive for mainstream digital commerce. CEO Ryan McInerney said the firm would support two currency types that would convert into over twenty-five traditional fiat currencies across the globe.
Strategic Growth in Digital Payments
Since 2020, the payment leader has processed around $140 billion in cryptocurrency transactions. Moreover, Visa now accepts various well-known stablecoins, such as USDC, EURC, PYUSD, and USDG, on the platforms of Ethereum, Solana, Stellar, and Avalanche.
Consumer spending using a stablecoin-linked card quadrupled in the fourth quarter compared to the same quarter of the previous year. Monthly transaction volume is now running at an annualized rate of more than $2.5 billion, which illustrates that there is market demand for payment with stablecoin.
McInerney noted that there is more particular momentum behind the adoption of stablecoin, indicating that there will be continued investment in this emerging payments technology sector across global markets.
Banking Integration and Cross-Border Solutions
Last September, Visa announced a pilot program that lets financial institutions prefund international payments with USDC and EURC stablecoins. Now the company lets banks mint and burn their own stablecoins via the Visa tokenized asset platform system.
This capability indicates an important step for traditional financial institutions in the digital assets space, as they can now provide institutional-grade infrastructure. The aim of Visa’s effort is to advance its solutions layer by adding new features to ease cross-border money transfers through Visa Direct.
The initiative aims to increase stablecoin choices for banks and conventional financial institutions that are looking for efficient ways to facilitate international payments.
McInerney mentioned that lots of exciting developments are in the works for the near future, although he did not provide information about four stablecoins at this time.
This initiative positions Visa as a facilitator of traditional banking systems and blockchain-based payment solutions for global commerce.
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