Visa Adds Polygon, Base to Stablecoin Pilot as Run Rate Hits $7B

Visa expanded its stablecoin settlement pilot to include Polygon, Base, the Canton Network, Arc and Tempo, joining supported chains such as Ethereum, Solana, Stellar and Avalanche. The pilot, launched in 2023, allows Visa partners to settle transactions using stablecoins instead of traditional banking rails.

Visa reported the program reached an annualized settlement run rate of roughly $7 billion and said volumes have grown about 50% quarter over quarter. The company noted that settlement volumes remain small compared with its core payments business.

The pilot tests whether settlement on blockchain networks can provide faster settlement, round‑the‑clock availability and operational efficiencies for cross‑border payments. The added networks increase the number of blockchains available for on‑chain settlement and expand interoperability options for partners experimenting with stablecoin transfers.

Visa has also taken operational steps tied to the pilot, including work on validator and node operations for some networks. In March, the company deepened a partnership with a payments infrastructure firm to support a global card program that enables stablecoin‑linked payments.

Other companies are advancing stablecoin settlement and related rails. A major card network has worked on enabling stablecoin‑linked card spending in the U.S. through wallet integrations. Payments software provider Modern Treasury integrated with Polygon to accelerate stablecoin payments for businesses after acquiring a stablecoin and fiat payments platform in October.

Regulatory changes are affecting the market for payment stablecoins. The GENIUS Act established clearer standards for payment stablecoins. A separate proposed market structure bill that includes questions about whether stablecoins can offer yield remains under debate in Congress.

The total value of stablecoins in circulation has climbed past $320 billion, an increase of nearly 150% since early 2024, according to on‑chain data. Firms and fintechs are building integrations, card programs and software tooling aimed at using stablecoins for faster or more continuous settlement across multiple chains.