Visa adds settlement support for more stablecoins
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Stablecoin adoption is exploding, with $27 trillion in total transaction volume globally across 1.25 billion transactions in 2024, according to Visa analysis. In 2023, the card scheme became one of the first major payments networks to settle transactions in stablecoin when it piloted enabling clients to fulfil their settlement obligations in USDC.
Through a partnership with Paxos, it is now adding support to dollar-backed stablecoins, Global Dollar (USDG) and PayPal USD (PYUSD), as wells as Circle's euro-backed EURC. In addition, the payments giant has added support for the Stellar and Avalanche blockchains on top of the already backed Ethereum and Solana.
Visa has previously stated that every institution that moves money will need a stablecoin strategy Its mission is to "build the interoperable layer designed to make stablecoin payments work at scale".
In recent months, the firm has taken a stake in stablecoin infrastructure platform BVNK and undertaken a partnership with Stripe-owned Bridge to help bring stablecoin-linked cards to more people in more places.
Rubail Birwadker, global head, growth products and strategic partnerships, Visa, says: 'We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world.'
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The Guardian
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