Visa Expands Stablecoin Pilot to Polygon and Base as Settlement Reaches $7B
Visa is expanding its stablecoin settlement pilot to Polygon and Base, with the program reaching a $7B annual run rate.Summary
Global payments giant Visa has broadened its stablecoin settlement pilot to include Polygon and four other blockchain networks: Base, Canton Network, Arc, and Tempo. These join previously supported chains like Ethereum, Solana, Stellar, and Avalanche. The initiative, launched in 2023, allows partners to settle transactions using stablecoins instead of traditional banking systems. Visa reports that the program has achieved an annualized settlement run rate of approximately $7 billion, showing a 50% quarter-over-quarter growth. The company aims to assess if stablecoins can offer benefits such as faster settlement, 24/7 availability, and improved efficiency in cross-border payments. This expansion aligns with Visa's increasing focus on stablecoin settlements, following a partnership with Stripe's subsidiary Bridge for a global card program supporting stablecoin-linked payments. The move also occurs amidst growing competition from companies like Mastercard, which is enabling stablecoin-linked card spending, and fintechs like Modern Treasury integrating with Polygon for faster stablecoin payments.
(Source：Cointelegraph)