Visa to support four stablecoins on four blockchains…quarterly usage quadruples

Global payments company Visa said it plans to support payments with four stablecoins on four different blockchain networks. Over the past year, card payment volume linked to stablecoins has increased more than fourfold, indicating that the use of virtual assets (cryptocurrencies) within traditional payment networks is spreading in earnest.

On the 28th (local time), The Block reported that Ryan McInerney, Visa CEO, said on the Q4 earnings call, "Visa plans to support four stablecoins based on two currencies, and these can be converted into more than 25 fiat currencies." These stablecoins operate on separate blockchains and are designed to be interoperable via the Visa payment network.

McInerney also said, "Card usage linked to stablecoins in Q4 this year increased fourfold year-over-year," adding, "Visa believes stablecoins will play an important role in improving the efficiency of payments and transfers."

Visa has been expanding its crypto payment infrastructure since 2020 and has processed approximately $140 billion in crypto and stablecoin payments to date. Of that, more than $100 billion was accounted for by direct purchases through the Visa network.

Visa currently runs more than 130 stablecoin-linked card issuing programs across around 40 countries. In September this year, the company also introduced a pilot program using stablecoins for cross-border remittances, testing ways for businesses to execute cross-border payments more quickly.

McInerney said, "Visa has begun to support banks in minting or burning their own stablecoins," adding, "It is gradually providing infrastructure that allows traditional financial institutions to directly use digital assets."

This announcement coincides with a trend of accelerated entry by traditional financial institutions following clearer stablecoin regulations in the U.S. The industry expects that as Visa builds a multi-chain stablecoin payment network in earnest, virtual asset-based infrastructure will form a new competitive dynamic in the global payments market.