Visa Expands Settlement Platform with New Stablecoins
Visa Adds New Stablecoins to Settlement Platform
Visa is expanding its stablecoin settlement platform to include PayPal USD (PYUSD), Global Dollar (USDG), and Circle’s euro-backed EURC stablecoin. This update also brings support for the Stellar and Avalanche blockchains, according to a recent announcement.
Building on its existing infrastructure that operates on the Ethereum and Solana networks, Visa aims to enhance cross-border and on-chain transactions. The integration of PYUSD and USDG is facilitated through a new partnership with Paxos.
Key Enhancements:
- New Stablecoins: PYUSD, USDG, and EURC are now supported.
- Blockchain Expansion: Support for Stellar and Avalanche added.
- Global Reach: Facilitates settlement in both USD- and EUR-backed stablecoins.
Visa's Vision for Stablecoins
Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships at Visa, stated, "Visa is building a multi-coin and multi-chain foundation to help meet the needs of our partners worldwide. We believe that when stablecoins are trusted, scalable, and interoperable, they can fundamentally transform how money moves around the world."
Benefits of the Expansion
With the addition of EURC, Visa partners can now settle transactions using both USD- and EUR-backed stablecoins. This enhancement complements Visa’s existing crypto and treasury infrastructure, which supports settlement in over 25 fiat currencies globally.
Visa’s network now supports four stablecoins and four distinct blockchains, aiming to reduce friction and improve transaction speeds across borders and on-chain. In April, Visa joined the Global Dollar Network, partnering with Robinhood, Kraken, and Galaxy Digital to promote stablecoin use under Singapore’s regulatory environment.
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