Stablecoin News: Visa CEO Confirms Plans to Add Four New Stablecoins

Visa is adding four stablecoins across four blockchains. This move follows a fourfold increase in crypto card spending last quarter.

Visa is significantly expanding its digital currency support now. Consequently, CEO Ryan McInerney confirmed plans to add four new stablecoins. This was revealed in the company’s Q4 earnings call recently. Therefore, Visa is actively developing a flexible global infrastructure. In the end, this strategy can effectively facilitate the growth of cross-border payments.

Visa Builds Multi-Chain Foundation for Global Stablecoin Payments

Visa’s stablecoin-linked debit spending went up four-fold. Specifically, this growth was identified as year-to-year growth in the last quarter. Moreover, this is a strong sign of increasing consumer and business interest. Since 2020, Visa has processed a $140 billion+ worth of crypto transactions. Overall, this volume highlights the immense potential of the market. Therefore, stablecoins are considered important for the future of the company.

Related Reading: Visa Is Directly Testing Stablecoins As Cash Alternative | Live Bitcoin News

McInerney defined the next stablecoin releases unambiguously. The company will currently sponsor four stablecoins on four different blockchains. These assets are two different fiat currencies in the world. Moreover, Visa can convert these stablecoins to more than 25 traditional currencies. Thus, it can offer efficient and strong payment choices worldwide. Thus, the expansion has a substantial utility increase.

In addition, Visa has expanded its crypto scope quite extensively at this point in time. Previously, USDC was the primary network supported by Solana. The three new stablecoins are PayPal USD (PYUSD), Global Dollar (USDG) and Circle’s EURC. Significantly, this adds support to both the USD and the EUR-backed stablecoins. In addition, by creating a dual-currency system, the team will achieve efficient market reach.

In addition, the blockchain support is actively expanded. Now Ethereum and Solana are mostly supported. The new additions are Stellar and Avalanche specifically. Therefore, Visa is actively developing a multi-chain generic foundation. This approach provides a flexible and scalable infrastructure at all times. And this is essential to coping with future digital currency volume.

Multi-Coin Foundation Targets Efficient Cross-Border Transactions

The growth is directly linked to its strategic objectives of Visa. Importantly, it is designed to make it easier for partners to transfer money. These partners include businesses and fintech developers all over the world. Specifically, the focus is on making cross-border transactions much faster. Stablecoins are used to make the transfer of money abroad faster. Therefore, this provides a new level of payment speed.

Like many financial institutions, Visa believes the potential is huge at the moment. This is because regulatory certainty is greater in the US. Moreover, the fact that USD-pegged tokens were clear call options provided a tremendous amount of confidence for the cryptobanks. However, the quadrupling of spend from stablecoin-linked cards supports an extremely high level of adoption. Indeed, digital currencies are being enthusiastically adopted by consumers.

While Visa has worked with crypto companies in the past, they are always innovating. Recently, the company has actively rolled out a pilot program. This trial is dedicated to the use of stablecoins for corporate cross-border payments in particular. The initiative provides businesses with a quicker method of transferring funds overseas. Thus, Visa is setting a strong foundation for further growth of digital platforms as a whole. Thus, the additions guarantee market leadership.

At the end of the day, the commitment to four new stablecoins is daunting now. This step cements Visa’s role in the evolving payments industry efficiently. The company is planning for an active digital asset market. As a result, the infrastructure provides a flexible and scalable system all the time. Therefore, this growth is a significant change in the financial market all over the world. So, it is obvious where the future of payments lies – on the blockchain.