In a powerful move to accelerate the future of
finance, payments giant Visa is dramatically expanding its stablecoin settlement capabilities. By integrating new
digital assets and blockchains, Visa is paving the way for a new era of
efficient, scalable, and global crypto payments.
Visa Expands Stablecoin Network with Euro
Integration and New Blockchain Access
Visa announced on July 31 that it is enhancing
its stablecoin settlement infrastructure, a strategic initiative aimed at
revolutionizing global payment capabilities. The company confirmed:
"Visa's
settlement platform is adding support for two additional U.S. dollar-backed
stablecoins, two blockchains, and the euro-backed EURC."
The new additions are a
significant expansion of Visa's digital currency ecosystem:
·
New Stablecoins: Global Dollar (USDG) and PayPal USD (PYUSD), both dollar-backed stablecoins supported through
a partnership with Paxos, along with Circle's euro-backed EURC.
·
New Blockchains: Stellar and Avalanche have been added to Visa's list of supported
blockchains, joining Ethereum and Solana.
Building on a Pioneering Legacy
This expansion builds on Visa's pioneering work
in the stablecoin space. The company already supports USD Coin (USDC) and made headlines on March 29, 2021, when it
launched a pilot program to settle transactions using USDC on the Ethereum blockchain, initially with Crypto.com. That move
marked Visa as a trailblazer in integrating stablecoins for payment settlement,
with the clear goal of modernizing its global payment network and streamlining
the movement of cross-border funds.
By diversifying its exposure to both digital
assets and blockchains, Visa now facilitates transactions with four different stablecoins across four distinct blockchain ecosystems. This development is part of the company's
broader initiative to offer seamless interoperability and settlement
flexibility for both crypto-native and traditional payment platforms.
Rubail Birwadker, Visa's Global Head of Growth
Products and Strategic Partnerships, emphasized the company's long-term
commitment to supporting digital currencies at scale.
Furthermore, Visa stated:
"As
new stablecoins and blockchains continue to emerge and show potential for real
utility, Visa’s mission remains clear: to build the interoperable layer
designed to make stablecoin payments work at scale, just like our traditional
payments have worked – securely, reliably, and globally."
The Future is Multicurrency and On-Chain
Support for both USD and EUR-backed stablecoins
allows participating partners to move toward multicurrency settlement using blockchain infrastructure. This strategy
complements an existing network that already facilitates settlement in over 25
fiat currencies.
While some observers continue to raise concerns
about regulatory clarity and digital asset volatility, proponents argue that stablecoins—backed by trusted platforms and deployed at scale—could
significantly improve both cross-border and on-chain payments. Visa's continued
investment and expansion in this area signal a firm belief that the future of
money is on-chain, interoperable, and global.
Is this the moment stablecoins finally go mainstream
for everyday payments? What does Visa's deep involvement mean for the future of
traditional banking?
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