TLDR
- Visa adds USDG, PYUSD, and EURC to its stablecoin settlement platform in partnership with Paxos.
- Stellar and Avalanche blockchains now support Visa’s stablecoin payment system.
- Visa has processed millions in stablecoin payments and plans to grow onchain settlements.
- The GENIUS Act is pushing institutional adoption of stablecoins across industries in the U.S.
Visa is expanding its support for stablecoins by adding USDG, PayPal USD (PYUSD), and Euro Coin (EURC) to its settlement platform. The company has also integrated Stellar and Avalanche as new blockchain networks to allow broader transaction support. The move follows rising institutional demand for stablecoin payments and comes as U.S. regulations become more favorable.
This update builds on Visa’s existing support for Circle’s USDC on Ethereum and Solana. According to the company, the goal is to create more flexible payment options using digital assets.
Visa Adds More Stablecoins and Blockchains
Visa announced a new partnership with Paxos to support USDG and PYUSD on its settlement infrastructure. These U.S. dollar-backed stablecoins give fintechs and crypto firms faster ways to move funds without relying on traditional banks.
EURC, backed by the euro, is now the first non-USD stablecoin on the platform. This addition enables Visa to handle cross-border payments in more currencies. The company says these stablecoins allow clients to send and receive payments across supported blockchains or convert them to fiat.
“Visa’s goal is to give our partners more choices beyond just one or two coins,” said Cuy Sheffield, Visa’s head of crypto.
Visa is now operating on five blockchains: Ethereum, Solana, Stellar, Avalanche, and the Global Dollar Network. These additions will help handle growing demand for onchain settlement.
Stablecoin Competition Among Institutions Increases
Visa is not the only firm moving into this space. Mastercard is working with crypto firms and has tokenized 30% of its transactions. Retail giants like Walmart and Amazon are also exploring stablecoins to reduce cross-border transaction costs.
Banking institutions are joining the race. JPMorgan has linked Chase accounts to Coinbase for USDC conversion. Bank of America is also considering launching a stablecoin and payment system.
Western Union CEO Devin McGranahan confirmed that the firm will integrate stablecoins into its global network. This suggests broader use of digital currencies in traditional finance systems.
According to Alchemy’s Noam Hurwitz, onchain stablecoin volume has surpassed that of Visa and Mastercard. He called it the “default settlement layer for the internet.”
GENIUS Act Drives Policy Change and Market Expansion
The GENIUS Act, signed into law this year, has created a favorable legal environment for stablecoins. It focuses on supporting blockchain innovation and stablecoin development in the U.S.
Visa’s latest expansion is seen as a response to this shift. The company is positioning itself to meet new demands from institutional partners and fintech developers.
Stablecoins are now considered a central part of Visa’s global payment strategy. The firm has already processed hundreds of millions of dollars in stablecoin settlements and plans to grow its role in digital finance.
Visa aims to build a system that works across multiple blockchains, supports different currencies, and adapts to a growing market.
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