Visa, one of the world’s largest payments companies, is all set to support four stablecoins on four different blockchains as it looks to expand its services in the space.
Visa expands support for Stablecoin
During the day Fourth quarter visa figures CEO Ryan McInerney said Tuesday that it plans to further expand its stablecoin services after strong growth over the past year.
“We are adding support for four stablecoins, running on four unique blockchains, representing two currencies, which we can accept and convert to more than 25 traditional fiat currencies,” McInerney said.
Visa already supports major stablecoins including Circle’s USDC, Euro Coin, PayPal USD and Global Dollar on Ethereum, Solana, Stellar and Avalanche blockchains.
McInerney noted that spending on Visa cards tied to stablecoins was four times higher in the fourth quarter than a year earlier. Visa has also expanded the number of stablecoins and blockchains supported, with monthly transaction volumes now reaching an annual rate of $2.5 billion.
$140 billion+ in crypto and stablecoin transactions
The company has handled more than $140 billion in crypto and stablecoin transactions since 2020. This includes more than $100 billion from users purchasing crypto and stablecoin assets with their Visa cards.
Visa now supports more than 130 stablecoin-linked card programs in more than 40 countries, underscoring its growing presence in the digital payments space.
The company also allows banks to mint and burn their own stablecoins with the Visa tokenized asset platform. It plans to expand its stablecoin offering for banks and other financial players while improving the speed and efficiency of cross-border payments.
This is part of a larger trend where more and more institutions are starting to see the potential of stablecoins and are eager to explore them. In September Visa announced that it will launch a stablecoin pre-funding pilot through Visa Direct, to make cross-border payments faster, cheaper and more flexible.
Stablecoins and the future of lending
Visa shared in a recent report that more than $670 billion in stablecoin-denominated loans have been originated in the past five years, with significant year-over-year growth.
It sees strong potential in stablecoins as ‘programmable money’, with smart contracts offering new ways to modernize lending and expand global access to credit.
The goal is to help its more than 15,000 partner banks better understand the growing stablecoin ecosystem and provide them with the tools and infrastructure to participate in on-chain lending and payments.
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