Visa is expanding its payment platform to include support for two additional stablecoins that are pegged to the US dollar, along with two new blockchains and Euros. This was detailed in a press release on July 31st.
Lebert Billwacker, Visa’s Global Head of Growth Products and Strategic Partnerships, stated, “Visa is creating the Multicoin and Multichain Foundation to cater to the needs of our global partners. We believe that if stablecoins are trusted, scalable, and interoperable, they could really transform the landscape.”
A new partnership with Pax has enabled the introduction of two dollar-pegged stablecoins, namely Global Dollar and PayPal USD. Additionally, Visa is incorporating support for two blockchains, Stellar and Avalanche, building on existing support for Ethereum and Solana.
The press release mentioned, “With EURC now part of the Visa Network, our Pilot partners have access to both USD and Euro-pegged stablecoin payments. This enhances Visa’s crypto infrastructure and has already facilitated settlements in over 25 fiat currencies worldwide.”
At the same time, stablecoins are really entering mainstream acceptance.
This week, the White House shared its long-anticipated Digital Asset Policy report, outlining the administration’s stance on digital assets, including stablecoins and bitcoin. The report cautioned that delays in adopting stablecoins could jeopardize the US dollar’s competitive edge. The aim is for digital finance to operate within a well-defined framework, which is a priority.
The report also urged bank regulators to implement a technology-neutral risk framework, meaning financial institutions won’t face penalties just for having exposure to blockchain and digital assets.
Moreover, this week, Tanner Tadeo, CEO of Stable Sea, and Brett Turner, CEO of Trobata, conveyed to Pymnts that stablecoins have a unique appeal in financial operations, promising near-instant settlements, cost efficiency, and a broad reach.
Taddeo noted, “Moving $10 million to $30 million will typically take three to five business days when dealing with intricate cross-border transactions.”
