Global Payments Provider Visa (V) is expanding its stableecoin settlement platform to new blockchains and stableecoins, the company announced on Thursday.
The company will now support two dollar-pegged tokens, PayPal USD (PYUSD) and Global Dollar (USDG), through a partnership with Paxos. It also adds the Euro-supported EURC, issued by Circle Internet (CRCL), giving partners access to settlement in both US dollars and euros.
Two new blockchains, Stellar (XLM) and Avalanche (Avax), join Visa’s existing support for Ethereum (ETH) and Solana (Sol). With the additions, the company’s settlement platform supports four stableecoins, including USDC, across four blockchains.
The update is coming as stableecoins get traction among payment providers, fintechs and banks seeking faster cross -border transactions. Visa was a huge in traditional payments and was an early mover in the StableCoin room that explored settlements with USDC in 2020. Last year, the company revealed a tokenization platform for banks and institutions to help issue tokens and stableecoins.
With the support of more stablecoins and chains, Visa aims to reduce friction for wallets and developers and respond to growing demand for interoperable stablecoin payments.
“We believe that when stableecoins are trusted, scalable and interoperable, they can basically transform how money is moving around the world,” said Rubail Birwadker, Visa’s global leader of growth products and strategic partnerships. “Visa builds a multi-coin and multi-chain foundation to help meet the needs of our partners around the world.”
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