Global payments giant Visa plans to introduce support for four stablecoins across four blockchains to expand its cryptocurrency offerings.
The company’s CEO, Ryan McInerney, announced this during the company’s earnings report for the fourth quarter and the year as a whole.
We are adding support for four stablecoins running on four unique blockchains, which represent two currencies that we can accept and convert into more than 25 traditional fiat currencies, he said.
Visa already supports stablecoins, including Circle’s USDC (USDC) and Euro Coin (EURC), as well as PayPal USD (PYUSD) and Global Dollar (USDG) on blockchains. Ethereum, Solana, Stellar and Avalanche. McInerney did not specify which other blockchains and stablecoins Visa would support.
At the same time, he said that the company sees «particular potential in stablecoins,» especially since the volume of transactions involving cryptocurrencies and stablecoins has reached $140 billion since 2020.
We have expanded the list of stablecoins and blockchains available for settlements, and the monthly volume now exceeds $2,5 billion on an annualized basis,” he added.
The next stage, according to McInerney, will be further «improvement and investment in the solutions layer,» which will allow the company to offer its clients and partners more features. A specific example is the issuance and burning of stablecoins.
We’re beginning to enable banks to issue and redeem their own stablecoins through Visa’s tokenized asset platform, and are also adding stablecoin capabilities to improve cross-border fund flow through Visa Direct, he said.