The payment giant Visa is expanding its crypto pilot to nine blockchains amid growing stablecoin volumes, already hinting at the first signs of real on-chain settlement use in global payments.
The company has added support for Polygon and four more networks as part of its stablecoin settlement program, continuing to test crypto payment infrastructure.
The pilot, launched in 2023, allows partners to settle in stablecoins instead of traditional banking systems. The list of new networks includes Polygon, Base, Canton Network, Arc and Tempo. They join the already supported Ethereum, Solana, Stellar and Avalanche.
The expansion comes as the program grows. According to Visa, the annual settlement volume within the pilot has reached about $7 billion, increasing by about 50% each quarter. However, compared to the company’s core business, these volumes remain insignificant for now.
Visa notes that the goal of the initiative is to test whether stablecoins can provide faster settlements, 24/7 availability, and greater efficiency for international transfers.
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The company is gradually strengthening its focus in this area. In March, Visa expanded its partnership with Bridge, a subsidiary of Stripe, to support a global card program using stablecoins.
The Stablecoin Payments Race Gains Momentum
Interest in stablecoin settlements is rising as competitors become more active. For example, Mastercard is already expanding its presence in this segment, including enabling stablecoin payments in the US through integrations with wallets like MetaMask.
Fintech companies are also giving the market an extra boost. On Wednesday, payment provider Modern Treasury announced integration with Polygon to speed up stablecoin transfers for businesses. Earlier, in October, the company acquired the Beam platform, which works with both fiat and stablecoin payments.
In the US, the segment’s development has been largely supported by the GENIUS Act, which set clearer rules for payment stablecoins.
As regulatory clarity emerges, competition is intensifying both among crypto companies and traditional fintech players. The main battle now is for infrastructure, especially for the settlement layer between financial institutions.
However, unresolved issues remain. In particular, there is debate over whether stablecoins can generate income, but the relevant bill on market structure is currently stalled.
The total volume of stablecoins in circulation has already exceeded $320 billion, increasing by nearly 150% since the start of 2024, according to DeFiLlama.
