Global payments giant Visa has expanded its stablecoin settlement pilot to include Polygon and Base, among other blockchain networks, as the program reaches an annualized run rate of approximately $7 billion. The move marks a significant step in the company’s ongoing experimentation with crypto-based payment infrastructure.
Expanding the blockchain settlement network
Visa’s pilot, initially launched in 2023, enables partner institutions to settle transactions using stablecoins instead of traditional banking rails. The newly supported networks include Polygon, Base, the Canton Network, Arc, and Tempo. These additions join Ethereum, Solana, Stellar, and Avalanche, bringing the total number of supported blockchains to nine.
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According to Visa, the program has grown approximately 50% quarter over quarter, though the $7 billion annualized run rate remains a fraction of the company’s core payments volume. The initiative is designed to evaluate whether stablecoins can deliver faster settlement, 24/7 availability, and improved efficiency for cross-border payments.
Strategic context and industry momentum
Visa’s deepening engagement with stablecoin infrastructure comes amid intensifying competition in the digital payments space. Mastercard has also been active, recently enabling stablecoin-linked card spending in the United States through integrations with wallets like MetaMask. The broader stablecoin market has swelled to over $320 billion in total circulation, a nearly 150% increase since early 2024, according to DeFiLlama data.
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In March, Visa expanded its partnership with Bridge, a Stripe subsidiary, to support a global card program enabling stablecoin-linked payments. The company also launched a validator node on the Tempo network, signaling a deeper commitment to blockchain infrastructure.
Regulatory clarity and market implications
The growing institutional interest in stablecoin settlement has been bolstered by clearer regulatory frameworks, including the passage of the GENIUS Act in the United States, which establishes standards for payment stablecoins. However, broader policy questions, such as whether stablecoins should be permitted to offer yield, remain unresolved in proposed market structure legislation that has stalled in Congress.
Fintechs and crypto-native firms are increasingly competing to control the settlement layer that moves funds between institutions. Modern Treasury, a payments software provider, recently integrated with Polygon to accelerate stablecoin payment processing for businesses, following its acquisition of stablecoin platform Beam in October.
Conclusion
Visa’s expansion of its stablecoin settlement pilot to Polygon and Base reflects a measured but deliberate embrace of blockchain-based payment infrastructure. While the volumes remain modest relative to traditional payment networks, the 50% quarterly growth rate and expanding network of supported blockchains suggest that stablecoin settlement is gaining traction among institutional users. The coming months will reveal whether regulatory clarity and infrastructure improvements can sustain this momentum.
FAQs
Q1: What is Visa’s stablecoin settlement pilot?
It is a program launched in 2023 that allows partner financial institutions to settle transactions using stablecoins rather than traditional banking systems, aiming for faster and more efficient cross-border payments.
Q2: Which blockchains does Visa now support for stablecoin settlement?
Visa supports Ethereum, Solana, Stellar, Avalanche, Polygon, Base, Canton Network, Arc, and Tempo.
Q3: How large is the stablecoin market?
The total value of stablecoins in circulation has surpassed $320 billion, nearly 150% higher than early 2024 levels, according to DeFiLlama.
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