Visa Expands Stablecoin Support Across Four Blockchains
Visa has announced plans to expand its support for stablecoins across four unique blockchains. The payments giant's CEO, Ryan McInerney, revealed the expansion during Tuesday's fourth-quarter and year-end earnings call. The move is part of Visa's efforts to further develop its digital asset infrastructure.
The company will introduce two new currencies, which will be able to convert into over 25 traditional fiat currencies through Visa's network. This addition will significantly expand Visa's existing digital asset capabilities. Circle's USDC and Euro Coin currently operate alongside PayPal USD and Global Dollar across Ethereum, Solana, Stellar, and Avalanche blockchains.
McInerney reported that monthly volume has surpassed a $2.5 billion annualized run rate, with global consumer spending through stablecoin-linked card services increasing fourfold during the fourth quarter compared to the previous year. Since 2020, Visa has facilitated over $140 billion in crypto and stablecoin flows.
The company operates over 130 stablecoin-linked card issuing programs across more than 40 countries. McInerney emphasized that much more development is planned for this space as Visa continues to invest in enhanced client and partner features through its solutions layer.