Visa expands territory with coin payments...Dollar hegemony, a major shift to stablecoins

▲ Visa, Stablecoin/ChatGPT generated image

Global payment giant Visa has embarked on expanding its digital financial territory, valued at $7 billion annually, by dramatically extending its stablecoin payment network to nine blockchains.

According to the cryptocurrency specialized media The Crypto Basic on April 30 (local time), Visa has significantly strengthened its stablecoin payment pilot program and begun supporting five new blockchain networks. The newly joined networks are Base, Polygon, Archax, Canton Network, and Tempo.

These networks, combined with the previously supported Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and Stellar (XLM), have become key pillars forming Visa's blockchain payment infrastructure. Visa is intensively verifying the stability and efficiency of its blockchain-based payment system through various network environments.

Currently, Visa's stablecoin payment pilot program records payment volumes of approximately $7 billion on an annualized basis and maintains rapid growth of over 50% each quarter. Visa stated that while the proportion of stablecoin fund flows in the overall payment volume is still small, its growth potential is very high.

Visa announced that the main objective of this program expansion is to ascertain whether stablecoins can accelerate payment speeds and revolutionize the efficiency of cross-border remittances. In particular, it is focusing on evaluating the practical usability of stablecoins to complement the limitations of traditional financial infrastructure.

Based on the data obtained during the pilot operation, Visa plans to continuously review the usability and user convenience of the stablecoin payment system. Through this network expansion, the company aims to solidify the technical foundation for building a digital asset-based payment ecosystem.

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