In a groundbreaking development for the crypto world, Visa has expanded its digital asset settlement platform by adding three new stablecoins and supporting four major blockchain networks. This move signals a major shift toward blockchain-based global payments. Here’s what you need to know.
Visa’s Stablecoin Expansion: A Game-Changer for Blockchain Payments
Visa has integrated Circle’s EURC stablecoin alongside PayPal USD (PYUSD) and Paxos Global Dollar (USDG), bringing its total supported stablecoins to four. These digital assets will operate across:
- Ethereum
- Solana
- Avalanche
- Stellar
This multi-chain approach aims to enhance transaction speed and reduce costs for global payments.
Why EURC Matters in Ethereum News Today
The inclusion of EURC, a euro-pegged stablecoin, addresses growing demand for European currency alternatives in digital payments. Key benefits include:
| Feature | Benefit |
|---|---|
| 1:1 euro peg | Stable value for euro-denominated transactions |
| Full collateralization | Transparent reserves backing |
| Cross-chain compatibility | Flexible settlement options |
Visa’s Digital Asset Settlement Platform: By the Numbers
Visa’s blockchain initiative has already processed over $200 million in stablecoin transactions. Compared to traditional payment volumes:
- Visa’s daily fiat transactions: $5-7 trillion
- Current stablecoin daily volume: $20-30 billion
- Projected growth: 50%+ for payments within a year
The Future of Blockchain Payments and Regulatory Challenges
While Visa pushes forward with digital asset innovation, CEO Ryan McInerney emphasizes the need for clearer regulations, particularly regarding:
- Stablecoin classification
- Cross-border compliance
- Consumer protection measures
FAQs: Visa’s Stablecoin and Blockchain Expansion
Q: Which stablecoins does Visa now support?
A: Visa supports USDC, EURC, PYUSD, and USDG across four blockchain networks.
Q: Why is Visa adding multiple blockchains?
A: The multi-chain approach increases flexibility, reduces costs, and improves transaction speeds for different use cases.
Q: How does EURC benefit European users?
A: EURC provides a stable digital euro alternative for cross-border transactions without currency volatility.
Q: What’s the significance of Avalanche and Stellar support?
A: These networks offer faster settlement times and lower fees compared to some existing options.
