Visa Inc. has extended its stablecoin settlement program to include five more blockchain networks, including Coinbase’s Base and Polygon. It aims to further expand its investment in stablecoin payments. The partnership increases the number of chains supported in the program to nine, as the firm moves to upgrade the global settlement system.
Visa Announces Partnership With Major Layer 1 Blockchain Networks
The latest additions include Coinbase’s Labs and Polygon. According to today’s announcement, Visa has also collaborated with layer-1 blockchains like Arc, Canton and Tempo. With these partnerships, Visa aims to use specific applications including institutional settlement, managing liquidity and developing programmable financial applications.
Visa executive Rubail Birwadker explained the planned transition to interoperability. He said, “Our partners are building in a multi-chain world, and they expect their options to reflect that reality.”
The announcement comes amid a surge in stablecoin adoption in markets. The payments platform stated that its pilot has achieved an annualized settlement value of $7 billion, up 50% from the previous quarter.
Visa’s platform now enables transactions across regions in Latin America, Europe and Asia, along with increased access for U.S. financial institutions.
A Look At Base & Polygon’s Official Comments
Jesse Pollak, founder of Base, spotlighted the impact of this partnership. Pollak remarked, “Our goal with Base has always been to make onchain the new standard. Visa’s expansion is a pivotal step in making stablecoin payments a daily reality for billions of people, enabling a faster, cheaper, and more useful financial system for everyone.”
However, despite the recent integration, Coinbase stock plunged nearly 8% in the trading session on Wednesday, April 29.
Meanwhile, Polygon CEO Marc Boiron said: “Visa adding Polygon signals that stablecoins are moving into real world payments at scale. By combining Visa’s global reach with Polygon’s fast, low-cost infrastructure, we are making stablecoin settlement more practical, reliable, and accessible.
The latest initiative adds to Visa’s existing integration with blockchain networks like Ethereum, Solana, Avalanche and Stellar. In addition, it is working with USDC-based settlement flows and stablecoin-based card programs across dozens of countries.
Source: https://coingape.com/visa-partners-coinbases-base-polygon-more-for-stablecoin-push/
