SKN | Visa Expands Stablecoin Settlement to Polygon and Base as Run Rate Hits $7B

Visa Deepens Blockchain Integration Strategy

Visa is expanding its stablecoin settlement pilot, adding support for Polygon and Base as part of a broader push into blockchain-based payment. infrastructure

The move brings the total number of supported networks to nine, including established chains such as Ethereum, Solana, Stellar, and Avalanche. Newly added networks also include Canton, Arc, and Tempo.

Stablecoin Settlement Gains Traction

Visa’s pilot program, launched in 2023, enables partners to settle transactions using stablecoins instead of traditional banking rails. The initiative has now reached an annualized settlement run rate of approximately $7 billion, reflecting 50% quarter-over-quarter growth.

While this remains small relative to Visa’s overall payment volumes, the growth highlights increasing interest in blockchain-based settlement as a viable alternative for global payments.

The company is testing whether stablecoins can deliver faster settlement speeds, 24/7 availability, and improved efficiency, particularly in cross-border transactions where traditional systems can be slower and more costly.

Competitive Pressure Builds in Stablecoin Payments

Visa’s expansion comes amid intensifying competition from Mastercard and other fintech players entering the stablecoin space. Mastercard has already begun enabling stablecoin-linked card payments in the United States through integrations with wallets such as MetaMask.

At the same time, fintech firms are accelerating infrastructure development. Payments company Modern Treasury recently integrated with Polygon to facilitate faster stablecoin transfers, reinforcing the broader industry shift toward blockchain settlement layers.

Regulatory Momentum Supports Adoption

In the United States, regulatory clarity is beginning to shape the market. The passage of the GENIUS Act has helped establish clearer standards for payment stablecoins, encouraging both traditional financial institutions and crypto-native firms to expand their involvement.

However, key policy questions remain unresolved, including whether stablecoins should offer yield and how they fit into broader financial regulation frameworks.

Market Growth Signals Long-Term Potential

The expansion of Visa’s pilot coincides with rapid growth in the stablecoin market. The total value of stablecoins in circulation has surpassed $320 billion, reflecting a sharp increase in adoption since 2024.

This growth is driving competition to control the underlying infrastructure that enables stablecoin payments, particularly the settlement layer, which determines how funds move between institutions.

Outlook: Early Stage but Strategic Shift

Visa’s continued investment in stablecoin settlement underscores a broader strategic shift among global payment providers toward blockchain integration. While still in the experimental phase, the program’s growth suggests that stablecoins could play a meaningful role in the future of payments.

As adoption expands and regulatory frameworks evolve, the race to build scalable, compliant, and efficient onchain payment systems is likely to intensify, with major financial players positioning themselves early in what could become a foundational layer of global finance.