Visa’s settlement platform is adding support for two additional stablecoins backed by the U.S. dollar, two blockchains and euro-backed EURC, according to a Thursday (July 31) press release.
“Visa is building a multicoin and multichain foundation to help meet the needs of our partners worldwide,” Rubail Birwadker, global head of growth products and strategic partnerships at Visa, said in the release. “We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world.”
Visa launched a new partnership with Paxos that lets it support two new dollar-backed stablecoins, Global Dollar and PayPal USD, the release said. The company has also added support for two blockchains, Stellar and Avalanche, which join already-supported chains, Ethereum and Solana.
“With EURC integrated into the Visa Network, select pilot participating Visa partners can now access settlement in both USD- and EUR-backed stablecoins,” the release said. “This extends Visa’s crypto and treasury infrastructure capabilities, which already facilitate settlement in more than 25 fiat currencies worldwide.”
Meanwhile, stablecoins are gaining mainstream acceptance.
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This week, the White House released its long-awaited report on digital asset policy, which included an outline of the administration’s position on digital assets like stablecoins and bitcoin. It warned that a delay in embracing stablecoins could threaten the supremacy of the U.S. dollar. The U.S. wants digital finance to function within a structured framework and not without it.
“Banking regulators are urged in the report to adopt technology-neutral risk frameworks, meaning banks will no longer face punitive treatment simply for touching blockchain or digital assets,” PYMNTS wrote Wednesday (July 30).
Also this week, Stable Sea CEO Tanner Taddeo and Trovata CEO Brett Turner told PYMNTS that stablecoins have an appeal within corporate finance functions, offering the promise of near-instant settlement, reduced costs and worldwide reach.
“Moving $10 [million] to $30 million across borders into exotic corridors typically takes three to five business days,” Taddeo said. “With stablecoins, it can settle in four to eight hours.”
