Visa has announced a significant expansion of its stablecoin infrastructure, enabling the acceptance of four stablecoins across four different blockchains.
This move, revealed during the company’s Q4 2025 earnings call on October 28, 2025, aims to streamline payments, settlements, and conversions between stablecoins and over 25 traditional fiat currencies.
It builds on Visa’s existing crypto initiatives, including a pilot for cross-border stablecoin payments launched in September 2025. Stablecoins Supported: USDC (USD Coin), EURC (Euro Coin), PYUSD (PayPal USD), and USDG (Global Dollar).
Ethereum, Solana, Stellar, and Avalanche.
Currencies Represented: These stablecoins are pegged to two primary currencies—USD and EUR—allowing seamless conversion to fiat for merchants and users.
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Visa reported that stablecoin-linked card spending quadrupled year-over-year in Q4 2025, with monthly volumes reaching an annualized run rate of $2.5 billion. Since 2020, the company has facilitated over $140 billion in crypto and stablecoin flows, including $100 billion in purchases using Visa credentials.
This integration allows businesses and banks to settle payments on-chain while leveraging Visa’s global network, reducing friction in cross-border transfers and merchant settlements.
Over 130 stablecoin-linked Visa card programs now operate in more than 40 countries. By supporting multi-chain stablecoins, Visa is creating hybrid payment rails that combine blockchain speed and low costs with traditional finance’s reach and compliance.
Recent U.S. regulatory clarity on USD-pegged stablecoins has accelerated institutional adoption, positioning Visa ahead of competitors like Mastercard. This could enable banks to mint their own stablecoins via Visa’s tokenized asset platform, further blurring lines between fiat and crypto.
Visa invested in blockchain startups like Chain for B2B Connect, a cross-border settlement tool and explored platforms like Interbit for reducing friction in bank transfers. In 2021, it began settling transactions in USDC on Ethereum, becoming one of the first major networks to do so.
Stablecoin Expansion (2023–2024): Visa piloted settlements on Solana processing over 2,000 TPS at low costs and expanded to issuer/acquirer partners. It settled $225 million+ in USDC transactions across Ethereum and Solana, emphasizing stablecoins’ role in 24/7 real-time global transfers.
Example flow Banco Santander issues “SANT-USD” on Solana, customer deposits $10,000 ? Santander vault. Bank calls VTAP ? mints 10,000 SANT-USD on Solana. Customer spends at Starbucks ? Visa converts SANT-USD ? USD ? merchant fiat. Merchant never sees crypto. Bank earns 0.15 % interchange + 0.05 % FX spread.
Banks can issue USD stablecoins without prior approval if 1:1 reserve + monthly attestations. EUR-pegged e-money tokens = fully licensed under EMI framework. In the UK, “Bank-Issued Digital Cash” = ring-fenced from crypto while in Singapore; Tier-1 banks can issue SGD stablecoins on permissioned chains.
Visa handles Travel Rule reporting and sanctions screening at settlement layer ? banks avoid on-chain compliance teams.
Visa auto-freeze + forced burn at 0.995 peg. Bank perspective B2B replace SWIFT with SANT-EUR ? EURC ? fiat in 3 sec.
Banks issue, Visa settles ? zero crypto ops overhead. Profit per $1 B issued: $17–40M/year ? irresistible economics. Every major bank runs its own stablecoin on Visa rails ? crypto becomes invisible infrastructure. Long bank tokens with high interchange + lending margins (e.g., JPMD, SCBD).
Short pure-play stablecoins (USDC, USDT) post-2027 as bank tokens capture yield.
Build on VTAP API — the new Stripe for banks. The future of money isn’t crypto vs. fiat. It’s bank-issued stablecoins on Visa rails.