Global Payments Provider Visa (V) is expanding its Stablecoin Settlement Platform to new blockchains and Stablecoins, the company announced Thursday.
The company will now support page tokens, PayPal USD (PYUSD) and Global Dollar (USDG) for $2 through its partnership with Paxos. We have also added euro-collateralized euros issued by Circle Internet (CRCL) to allow partners to access payments in both the US dollar and the euro.
Two new blockchains, Stellar (XLM) and Avalanche (Avax), will participate in existing support for Visa’s Ethereum (ETH) and Solana (SOL). With the addition, the company’s payment platform supports four stub coins, including USDC, across four blockchains.
The update calls for cross-border transactions faster as StivCoin gains traction between payment providers, fintechs and banks. The traditional payment giant, Visa, was the early invoker of Stablecoin Space, exploring USDC settlements in 2020. Last year, the company announced a tokenization platform for banks and institutions to issue tokens and stubcoins.
By supporting multiple stubcoins and chains, Visa aims to reduce friction between wallets and developers and meet the growing demand for interoperable Stablecoin payments.
“We believe that if stubcoins are trusted, scalable and interoperable, they can fundamentally change the world,” said Rubyle Billwacker, Visa’s global growth products and strategic partnership. “Visa is building the foundations of multicoin and multi-chain to meet the needs of partners around the world.”
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