Global payment giant Visa will launch support for four stablecoins on four "unique blockchains," as the company pushes to expand its cryptocurrency services.
Visa CEO Ryan McInerney told investors during the company's fourth-quarter and year-end earnings call on Tuesday that the company will continue to expand its stablecoin offerings against the backdrop of strong growth in the last fiscal year.
McInerney did not disclose details about the stablecoins and networks that Visa will support, but this move will enhance the list of networks and stablecoins supported by the company.
Visa already supports stablecoins including Circle's USDC and Euro Coin (EURC), as well as PayPal USD (PYUSD) and Global Dollar (USDG) on the Ethereum, Solana, Stellar, and Avalanche blockchains.
McInerney stated that the company is seeing "particular momentum for stablecoins," noting that it has facilitated $140 billion in cryptocurrency and stablecoin flows since 2020.
In terms of growth, he mentioned that global consumer spending within Visa's stablecoin-linked card services quadrupled in the fourth quarter compared to the same period last year.
"We have expanded the number of stablecoins and blockchains available for settlement, with monthly transaction volumes now exceeding an annualized run rate of $2.5 billion," he added.
McInerney indicated that Visa's focus will be on expanding its stablecoin products for banks and other traditional financial institutions and facilitating more cross-border transactions, noting that "there's more to come in this space."
This process began in late September with the Visa Direct pilot program, allowing banks and financial institutions to use USDC and EURC for prepaid cross-border payments.
According to McInerney, the next phase will be to continue enhancing and investing in its solutions layer, enabling the company to offer more features to its clients and partners, with a specific example being the minting and burning of stablecoins.
Related: The French government will review the motion to "embrace Bitcoin (BTC) and cryptocurrencies."
Original: “Visa to Add Support for Four Stablecoins on Four Blockchains”
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