Visa supports more stablecoins to promote scalable global Blockchain payments: ushering in a new era of encryption payments

Visa injects strong development momentum into the future of finance through the expansion of settlement with new digital assets and blockchain stablecoins, ushering in a new era of global crypto payments. This initiative will not only enhance global payment capabilities but also indicates that the application of stablecoins in mainstream financial systems will become more widespread.

Visa expands stablecoin network through euro integration and new Blockchain access

Payment giant Visa announced on July 31 that it will expand its stablecoin settlement infrastructure by integrating more digital currencies and Blockchain networks, aiming to enhance global payment capabilities. The company confirmed:

"Visa's settlement platform is increasing support for two additional dollar-backed stablecoins, two blockchains, and support for the euro-backed EURC."

New stablecoins: including Global Dollar (USDG) and Paypal Dollar (PYUSD), these two stablecoins pegged to the US dollar supported in collaboration with Paxos, as well as Circle's euro-supported EURC.

New Blockchain: Stellar and Avalanche have also been added to Visa's supported blockchain list, alongside Ethereum and Solana.

Visa also supports USD Coin (USDC). On March 29, 2021, the payment giant launched a pilot program utilizing USDC on the Ethereum Blockchain for Settlement of transactions. This makes Visa a pioneer in integrating stablecoins into payment settlements, aiming to modernize its global payment network and simplify cross-border capital flows.

By diversifying its exposure to digital assets and blockchain, Visa now supports four different stablecoin transactions across four blockchain ecosystems. This development is part of the company's major initiative to provide seamless interoperability and settlement flexibility for crypto-native and traditional payment platforms. Rubail Birwadker, Visa's Head of Global Growth Products and Strategic Partnerships, emphasized the company's long-term commitment to scaling support for digital currencies.

Visa's mission: Establish a interoperable stablecoin payment layer

Visa stated: "As new stablecoins and blockchains continue to emerge and demonstrate real utility potential, Visa's mission remains clear: to build an interoperable layer designed to make stablecoin payments work at scale just like our traditional payments—secure, reliable, and global."

The support for stablecoins backed by the US dollar and Euro allows participating partners to utilize Blockchain infrastructure for multi-currency Settlement. This strategy complements an existing network that is already capable of settling in over 25 fiat currencies. While some observers continue to raise concerns about regulatory clarity and the volatility of digital assets, supporters argue that stablecoins backed by trusted platforms and deployed at scale can significantly improve cross-border and on-chain payments.

Conclusion:

Visa's expansion of support for stablecoins and blockchain is a significant milestone in the global payments landscape. This initiative will not only enhance the efficiency and scalability of cross-border payments but also accelerate the adoption of stablecoins within the mainstream financial system. Visa is committed to establishing an interoperable stablecoin payment layer, signaling that encryption payments will become an indispensable part of the global financial infrastructure in the future.