Visa, the global payments leader, is preparing to introduce support for four stablecoins across four distinct blockchains as it aims to enhance its cryptocurrency services.
During the company’s fourth-quarter and year-end earnings call on Tuesday, Visa CEO Ryan McInerney informed investors that the company plans to expand its stablecoin portfolio following significant growth over the past financial year.
“We are adding support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies.”
While McInerney did not disclose specifics regarding the stablecoins and networks Visa will support, this initiative will enhance the company’s existing list of networks and stablecoins.
Visa currently supports stablecoins like Circle’s USDC (USDC) and Euro Coin (EURC), as well as PayPal USD (PYUSD) and Global Dollar (USDG), across Ethereum, Solana, Stellar, and Avalanche blockchains.
McInerney noted that the firm is witnessing “particular momentum with stablecoins,” highlighting that there has been $140 billion in facilitated crypto and stablecoin flows since 2020.
In terms of growth, he stated that global consumer spending through Visa’s stablecoin-linked card services surged fourfold in the fourth quarter compared to the same quarter last year.
“We expanded the number of stablecoins and blockchains available for settlement, and monthly volume has now surpassed a $2.5 billion annualized run rate,” he added.
Visa intensifies focus on stablecoin banking
McInerney indicated that Visa will concentrate on expanding its stablecoin solutions for banks and other traditional finance institutions and promoting greater cross-border transactions, emphasizing that “there is much more to come in this space.”
Related: Stablecoins become ‘global macroeconomic force’ as transactions reach $46T: Report
The initiative began in late September with a Visa Direct pilot program that allows banks and financial institutions to pre-fund cross-border payments using USDC and EURC.
The next phase, according to McInerney, will involve further enhancements and investments in its solutions layer, enabling the company to provide additional features to its clients and partners, such as the minting and burning of stablecoins.
“We are starting to enable banks to mint and burn their own stablecoins with the Visa tokenized asset platform, and we are adding stablecoin capabilities to enhance cross-border money movement with Visa Direct.”
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