Visa expands support for four new stablecoins on four blockchains

Visa announced the expansion of support for four new stablecoins across four distinct blockchains as part of its strategy to enhance crypto services. CEO Ryan McInerney stated during the company’s fourth-quarter earnings call that the new stablecoins will be available for transactions and conversions in over 25 fiat currencies.

The company already supports stablecoins such as USDC, EURC, PYUSD, and USDG on Ethereum, Solana, Stellar, and Avalanche networks. Visa now plans to enable banks to mint and burn their own stablecoins through the Visa Tokenized Asset platform.

McInerney noted that Visa has facilitated over $140 billion in crypto and stablecoin transactions since 2020, with monthly stablecoin payment volumes surpassing an annualized run rate of $2.5 billion. This initiative is part of the broader Visa Direct program, designed to accelerate cross-border payments.

The company aims to collaborate with banks and traditional financial institutions to increase stablecoin adoption and improve the efficiency of international settlements.