Visa Expands Stablecoin Pilot to Nine Blockchains

Visa has announced an expansion of its global stablecoin settlement pilot, adding five new blockchains to the program. The company's stablecoin pilot now encompasses nine blockchains: Ethereum, Solana, Avalanche, Stellar, Arc, Polygon, Base, Canton, and Tempo.

The pilot enables issuers and acquirers to settle payments in stablecoins instead of traditional banking rails. Stablecoins are digital assets that are tied to a fiat currency and offer cheap and fast settlements, making them popular for cross-border transactions.

According to Visa, the annualized settlement run rate has reached $7 billion, a 50% increase from the previous quarter. This growth demonstrates the increasing adoption of stablecoins in the global economy.