Visa has added support for Stellar and Avalanche in addition to Ethereum and Solana

What’s new? Payment giant Visa has added support for more stablecoins, blockchains, and use cases on its settlement platform to simplify transactions for issuers and acquirers.

Press release

What else is known?

“Visa is building a multi-coin and multi-chain foundation to help meet the needs of our partners worldwide.We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world,” said Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships.

Through a new partnership with New York Department of Financial Services (NYDFS) regulated fintech company Paxos, Visa will be able to support PayPal USD (PYUSD) stablecoins from payment company PayPal and the dollar-pegged Global Dollar (USDG).

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The company has also integrated the euro-backed stablecoin EURC from issuer Circle, which went public on the NYSE last month under the ticker CRCL.

With the EURC integration, select Visa partners participating in the pilot project can access settlement in both dollar- and euro-backed stablecoins.

This expands the capabilities of Visa’s cryptocurrency and treasury infrastructure, which already provides settlement in more than 25 fiat currencies worldwide, the press release noted.

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Visa has also added support for the Stellar (XLM) and Avalanche (AVAX) blockchains, in addition to the already supported Ethereum and Solana blockchains.

Earlier this year, Visa announced it was expanding its range of partners for cards tied to stablecoins. The company aims to create an interoperable platform for securely scaling payments in stablecoins globally.

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As Visa notes, scaling cards tied to stablecoins requires a network that enables compatibility with stablecoin wallets and interoperability across multiple blockchains, provides flexible settlement options, and meets growing market demand. This helps to reduce the burden and increase the speed of cross-border and on-chain transactions.