Visa announced plans to launch additional support for four more stablecoins across four different blockchain networks, as it strengthens its crypto-based payment services.
In its fourth-quarter earnings release, Visa CEO Ryan McInerney said the firm will continue to expand its stablecoin offerings following strong growth in consumer spending tied to the digital asset over the past fiscal year.
Visa currently supports Circle-issued USDC and EURC, as well as PYUSD and USDG, on the Ethereum, Solana, Stellar and Avalanche networks.
The new enhancements will increase the number of stablecoins and networks that can be used for transaction settlement.
Visa is also seeing significant momentum in the adoption of stablecoins, with crypto and stablecoin transaction flows reaching $140 billion since 2020. Global consumer spending on Visa-backed stablecoin-linked cards has also quadrupled compared to the same period last year.
According to McInerney, Visa’s monthly stablecoin payment volume has now surpassed an annualized run rate of $2.5 billion, indicating growing demand for blockchain-based solutions.
Visa is focused on expanding stablecoin access to traditional banks and financial institutions, as well as accelerating cross-border transactions.
This has already begun with the Visa Direct pilot program, which allows institutions to leverage USDC and EURC to pre-fund cross-border payments.
Visa also plans to upgrade its settlement infrastructure, including stablecoin minting and burning capabilities, to offer a broader range of features to customers and merchants.
