Visa Scales Stablecoin Settlement Pilot to Nine Blockchains

Visa is accelerating its integration of blockchain technology into global payment rails, expanding its stablecoin settlement pilot to include five new networks: Polygon, Base, the Canton Network, Arc, and Tempo. These additions join a suite of existing supported chains, including Ethereum, Solana, Stellar, and Avalanche. The program, which began in 2023, allows partner institutions to bypass traditional banking rails in favor of stablecoin-based settlement. The primary objective is to evaluate whether onchain infrastructure can provide faster settlement times, 24/7 availability, and greater efficiency for cross-border payments. This expansion coincides with significant growth in adoption, with Visa reporting an annualized settlement run rate of approximately $7 billion. This represents a quarter-over-quarter growth rate of roughly 50%, although the company notes that these volumes remain a small fraction of its total core payments business. The move places Visa in direct competition with Mastercard, which has similarly integrated stablecoin-linked card spending via wallets like MetaMask. The shift is further supported by the US GENIUS Act, which has provided clearer regulatory frameworks for payment stablecoins. The broader stablecoin market continues to expand, with total circulation now exceeding $320 billion—a nearly 150% increase since early 2024. As regulatory clarity improves, the competition to control the underlying settlement infrastructure between traditional fintechs and crypto-native firms is intensifying.