Visa Expands Settlement Platform to Stellar, Avalanche, Adds Support for 3 Stablecoins

Global payments provider Visa (V) is expanding its stablecoin settlement platform to new blockchains and stablecoins, the company announced on Thursday.

The firm will now support two dollar-pegged tokens, PayPal USD

and Global Dollar (USDG), through a partnership with Paxos. It is also adding the euro-backed EURC, issued by Circle Internet (CRCL), giving partners access to settlement in both U.S. dollars and euros.

Two new blockchains, Stellar

and Avalanche

, will join Visa’s existing support for Ethereum

and Solana

. With the additions, the firm’s settlement platform supports four stablecoins, including USDC, across four blockchains.

The update comes as stablecoins gain traction among payment providers, fintechs and banks seeking faster cross-border transactions. A giant in traditional payments, Visa was an early mover in the stablecoin space, exploring settlements with USDC in 2020. Last year, the company unveiled a tokenization platform for banks and institutions to help issue tokens and stablecoins.

With supporting multiple stablecoins and chains, Visa aims to reduce friction for wallets and developers and respond to growing demand for interoperable stablecoin payments.

“We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world,” said Rubail Birwadker, Visa’s global head of growth products and strategic partnerships. “Visa is building a multi-coin and multi-chain foundation to help meet the needs of our partners worldwide.”

Read more: Stablecoins Speed Up Thanks to ‘AWS of Crypto’ Alchemy’s Latest Upgrade