Visa has announced an expansion for its stablecoin pilot, with the payments processing giant adding Arc, Polygon, and three other blockchains.
Visa Has Added Five New Blockchains To Its Stablecoin PilotStablecoins are digital assets that are tied to a fiat currency. Since these tokens run on the blockchain, they come with all the benefits that the technology allows, including cheap and fast settlements. This fact has made them gain popularity as a mode of payments, particularly in the cross-border case, and has attracted attention from giants like Visa.
The card payment firm noted:
Over the past year, stablecoins have evolved from a promising innovation to a practical way to move money globally, and Visa’s settlement pilots are helping partners streamline operations.
These fiat-tied cryptocurrencies are available on a range of blockchains. Earlier, Visa’s pilot included four of these networks: Ethereum, Solana, Avalanche, and Stellar. With the new expansion, Arc, Base, Canton, Polygon, and Tempo have also become part of the company’s program.
Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships at Visa, said:
Expanding our stablecoin settlement pilot program to more blockchains means our partners can choose the networks that best fit their needs, while relying on Visa to provide a common settlement layer across all of them.
From the chart, it’s visible that the stablecoin market cap has followed a slight uptrend since October. In the same period, Bitcoin has gone down roughly 40% instead. Currently, the total valuation of the stables is sitting at about $319.8 billion, shy just $1.5 billion of the record.
Bitcoin PriceAt the time of writing, Bitcoin is floating around $76,000, down 1.8% in the last seven days.
