Global payments leader Visa is accelerating its efforts in the stablecoin space. By expanding its support for stablecoins and blockchains, the company aims to make the global payment infrastructure more flexible and inclusive. According to Visa's latest announcement, the payments giant's settlement platform will now be able to support two new USD-backed stablecoins, two new blockchain networks, and the euro-backed EURC stablecoin.
More stablecoins, more networks
As part of Visa's new partnership with Paxos, the Global Dollar (USDG) and PayPal USD (PYUSD) stablecoins will be integrated into the platform. These two new digital assets will provide users and partners with more options for stablecoin payments.
Visa has also added support for the Stellar and Avalanche blockchains, adding two more important networks to the already supported Ethereum and Solana. With this move, Visa's system can now support four different blockchains and four stablecoins. The company's supported stablecoins include USDC, EURC, PYUSD, and USDG.
Expands to Europe with Euro-Backed Stablecoin
Visa has added the EURC stablecoin, developed by Circle and pegged to the euro, to its system. This means select pilot Visa partners will now be able to process settlement transactions with both USD- and EUR-backed stablecoins. This feature represents a significant advantage, particularly for institutions and fintech startups in Europe.
Rubail Birwadker, Visa's Head of Global Growth Products and Strategic Partnerships, commented:
“Visa is building a multi-coin, multi-network infrastructure to meet the needs of our partners worldwide. We believe that with reliable, scalable, and interoperable stablecoins, we can fundamentally transform how money moves around the world.”
Infrastructure Expands for Stablecoin Cards
Visa's stablecoin push isn't limited to its settlement system. Earlier this year, the company announced the expansion of its stablecoin-backed card partners. To ensure the successful scalability of these cards, Visa is building a network that supports stablecoin wallets, enables interoperability across multiple blockchains, and offers flexible settlement options.
With the introduction of new stablecoins and blockchains, Visa's goal is clear: to provide a secure, fast, and globally compatible infrastructure for stablecoin payments, just as it does for traditional payments.
This step by Visa is critical for solidifying stablecoins' place within the global financial system. By integrating stablecoins into traditional payment infrastructures, cross-border transactions become faster and more cost-effective. It also lays the groundwork for stablecoins to reach a wider user base and be used in compliance with regulations.
Visa is currently a leading network facilitating digital payments in over 200 countries and territories. The company's goal is to build an accessible and inclusive financial future for all.
