Visa expands stablecoin offering to four new blockchains

Payment giant Visa plans to significantly expand its crypto services and will support four stablecoins on four different blockchains in the future. CEO Ryan McInerney announced this move during the latest quarterly results, citing strong growth in the area of digital payments.
Visa already works with stablecoins such as USDC, EURC, PayPal USD (PYUSD), and Global Dollar (USDG) on Ethereum, Solana, Stellar, and Avalanche. Since 2020, the company has processed approximately $140 billion in crypto-based transactions, McInerney explained.
Visa plans to involve banks and financial institutions more closely in the future. Through Visa Direct, they will be able to pre-finance cross-border payments using stablecoins such as USDC and EURC. A corresponding pilot program has been running since the end of September.
In the next phase, Visa plans to provide banks with so-called “mint-and-burn” functionality for their own stablecoins via its Tokenized Asset Platform. With this, the company is exploring new ways to better integrate stablecoins into existing payment systems and simplify cross-border transactions.

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