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Visa Expands Stablecoin Settlement Capabilities
Key Developments
- Visa is expanding its stablecoin settlement services to include three new tokens and two new blockchain networks.
New Supported Stablecoins & Networks
The payments giant now supports PayPal’s PYUSD, Paxos’ USDG, and Circle’s EURC tokens on the Avalanche and Stellar blockchains.
Previous Network Limitations
Visa’s stablecoin infrastructure previously only supported Ethereum and Solana.
Regulatory Context
The announcement coincides with the U.S. passage of the GENIUS Act, establishing the country’s first federal regulatory framework for stablecoins. This legislation sets standards and rules for reserves, audits, and usage across financial markets.
What are Stablecoins?
Stablecoins are cryptocurrencies typically pegged to stable assets like the U.S. dollar to minimize price volatility. Initially used by traders, they are now attracting interest from banks, major companies, and even U.S. states, potentially accelerating payments via blockchain.
Visa’s Stablecoin Journey
Originally focused on Ethereum (supporting USD Coin since 2021), Visa has expanded bit by bit. Recent ventures include stablecoin-linked debit cards in Latin America. This latest expansion underscores the company’s commitment.
Quote from Visa’s Head of Growth
“We believe that when stablecoins are trusted, scalable, and interoperable, they can fundamentally transform how money moves around the world,” Visa’s Global Head of Growth Products and Strategic Partnerships stated.
