Global Payment Service Provider Visa Expands Stablecoin Settlement Platform
Global payment service provider Visa announced on Thursday that the company will expand the capabilities of its stablecoin settlement platform by adding support for three stablecoins and two blockchain networks to facilitate settlement transactions for issuers and acquirers.
In a press release, Visa stated that its settlement platform now includes support for the USD stablecoin PYUSD issued by PayPal, the USD stablecoin USDG issued by Paxos, and the EUR stablecoin EURC issued by Circle. Additionally, customers using its stablecoin services can now accept related tokens via the Avalanche and Stellar blockchains.
Previously, Visa’s stablecoin services only utilized Circle’s USDC and supported the Ethereum and Solana blockchains.
Rubail Birwadker, Visa’s Head of Global Growth Products and Strategy Partnerships, stated in a declaration:
Visa has launched several cryptocurrency-related businesses. In April of this year, the company partnered with Bridge, a stablecoin company under the payment service provider Stripe, to introduce a Visa financial card supporting stablecoins in Latin American countries.
Unlike cryptocurrencies such as Bitcoin and Ether, stablecoins are typically pegged to stable assets like fiat currencies to reduce price volatility. They were initially used mainly by traders to transfer funds without relying on traditional banks. However, nowadays, not only banks but also large corporations and even some state governments in the United States have shown interest in issuing stablecoins, hoping to accelerate payment processes through blockchain technology.
In July of this year, U.S. President Trump signed the GENIUS Act into law, which establishes the first comprehensive federal framework for the issuance and regulation of stablecoins in the United States. This framework clearly outlines the requirements for issuers, reserve and audit standards, and establishes clear rules regarding how stablecoins can be used and traded in financial markets.
