Visa To Support Four New Stablecoins
Credit card giant Visa (NYSE: $V) says it will add support for four new stablecoins on its settlement platform.
The move comes as Visa says that it is seeing strong demand for stablecoin-linked credit card services.
The company says that it experienced a fourfold increase in stablecoin-linked Visa credit card spending year-over-year in the last quarter.
Additional details regarding the new stablecoins were not disclosed by Visa, which made the announcement when releasing its latest quarterly financial results.
However, according to venture capital firm Andreessen Horowitz, stablecoins processed $46 trillion U.S. in transactions over the last year, representing a huge new market.
For its part, Visa has said that it facilitated nearly $140 billion U.S. worth of cryptocurrency and stablecoin flows since 2020.
Visa already supports major stablecoins such as USD Coin (CRYPTO: $USDC), Euro Coin (CRYPTO: $EURC), PayPal USD (CRYPTO: $PYUSD), and Global Dollar (CRYPTO: $USDG).
The credit card company has also partnered with several crypto firms to expand settlement options and improve its cross-border payment capabilities.
Management at Visa say they will continue to broaden stablecoin services for banks and financial institutions while building more crypto options and features.
The company is already focusing on tokenization infrastructure that will allow banks to mint their own stablecoins using a Visa tokenized asset platform.
Visa has also unveiled a stablecoin prefunding pilot project under its “Visa Direct” banner that allows banks to use stablecoins as a funding source for global payments.
V stock has risen 9% this year to trade at $343 U.S. per share.