Stablecoin

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Pilot

Polygon (Old)

Canton

<h2 id="what-did-visa-add-to-its-stablecoin-pilot">What Did Visa Add to Its Stablecoin Pilot?</h2> Visa has expanded its stablecoin settlement pilot to include Polygon, Base, Canton Network, Arc, and Tempo, extending the program beyond earlier supported networks such as Ethereum, Solana, Stellar, and Avalanche. The pilot, first launched in 2023, allows selected partners to settle transactions using stablecoins instead of relying solely on traditional banking rails. Visa said the program is meant to test whether stablecoins can improve settlement speed, support round-the-clock transfers, and reduce friction in cross-border payments. The expansion shows that Visa is still testing multiple blockchain environments rather than backing a single network. That approach gives the company flexibility as <a href="https://financefeeds.com/mesh-secures-fresh-funding-from-paypal-coinbase-pushing-total-raise-past-130m/" rel="noopener noreferrer nofollow">payment infrastructure develops</a> across public chains, institutional networks, and newer settlement-focused platforms. 
<h2 id="why-does-the-settlement-run-rate-matter">Why Does the Settlement Run Rate Matter?</h2> Visa said the stablecoin pilot has reached an annualized settlement run rate of roughly $7 billion, with volume growing about 50% quarter over quarter. The figure shows rising use, but it remains small compared with Visa’s core payments business. The gap matters. Stablecoin settlement is still an experimental layer for Visa, not a replacement for its existing card and banking network. The company is testing where blockchain-based settlement can add efficiency without disrupting the scale and reliability of its current infrastructure. Visa has also expanded its stablecoin work through its partnership with Bridge, a Stripe subsidiary, to support a global card program tied to stablecoin payments. 
<h3 id="investor-takeaway">Investor Takeaway</h3>
<div><a href="https://financefeeds.com/mastercard-opens-stablecoin-payout-route-through-thunes/" rel="noopener noreferrer nofollow">Visa’s stablecoin pilot</a> is growing, but the scale remains small beside its core payments business. The bigger point is infrastructure testing: Visa is building optionality across networks before stablecoin settlement becomes a mainstream payment layer.
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<h2 id="how-competitive-is-stablecoin-payments-infrastructure-becoming">How Competitive Is Stablecoin Payments Infrastructure Becoming?</h2> Visa’s expansion comes as competition around stablecoin settlement intensifies. Mastercard has also increased activity in the sector, including support for stablecoin-linked card spending in the United States through wallet integrations such as MetaMask. Payments software provider Modern Treasury also integrated with Polygon to help businesses move stablecoin payments faster. The move follows its acquisition of Beam, a <a href="https://financefeeds.com/visa-invests-in-honeycoin-to-boost-stablecoin-on-and-off-ramps/" rel="noopener noreferrer nofollow">stablecoin and fiat payment</a> platform, in October. The race is no longer limited to crypto-native firms. Card networks, fintech companies, wallet providers, and <a href="https://financefeeds.com/what-is-a-synthetic-dollar-in-crypto/" rel="noopener noreferrer nofollow">blockchain networks</a> are all trying to control parts of the stablecoin payment stack, especially the settlement layer between institutions. 
<h2 id="what-role-does-regulation-play">What Role Does Regulation Play?</h2> Regulatory clarity in the United States has improved following the passage of the GENIUS Act, which sets clearer standards for payment stablecoins. That has given large financial companies more room to test stablecoin settlement without treating the market as legally undefined. Still, policy questions remain. One unresolved issue is whether stablecoins should be allowed to offer yield, a point still under debate in a proposed US <a href="https://financefeeds.com/sec-and-cftc-hold-first-joint-roundtable-in-14-years-spotlight-on-crypto-oversight/" rel="noopener noreferrer nofollow">market structure bill</a> that has stalled. The stablecoin market has also grown sharply, with total supply surpassing $320 billion, according to DeFiLlama. As circulation rises, payment companies are moving to secure a role in the infrastructure that moves those balances across wallets, merchants, and institutions.

Visa Expands Stablecoin Pilot to Polygon, Base, and New…

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