Global Payment Giant Visa is set to launch support for four StableCoins on four “unique blockchains,” as the firm pushes to boost crypto services.
Visa CEO Ryan McInerney said Investors in the company’s fourth quarter and earnings close on Tuesday that the company will continue Expanding its StableCoin offerings amid strong growth in the previous fiscal year.
“We are adding support for four StableCoins running on four distinct blockchains, representing two currencies that we can accept and convert to more than 25 traditional fiat currencies.”
McInerney did not share details on the StableCoins and Networks Visa will support, but the move will strengthen the supported list of networks and stablecoins.
Visa already supports StableCoins, including Circle’s USDC .
McInerney said the firm sees “particular momentum with StableCoins,” as he points to $140 billion worth of facilitated crypto and stablecoin flows since 2020.
In terms of growth, he said global consumer spending within Visa-related card services increased fourfold in the fourth quarter, compared to the same quarter last year.
“We have expanded the number of StableCoins and blockchain available for settlement, and the monthly volume has now passed a $2.5 billion annual run rate,” he added.
Double Visa with StableCoin Banking
McInerney suggested the main areas of focus for Visa are expanding StableCoin offerings for banks and other traditional financial institutions, and facilitating more cross-border transactions, noting that “there’s a lot more to come in this space.”
Related: StableCoins Become ‘Global Macroeconomic Force’ as Transactions Reach $46T: Report
The process began in late September by a VISA DIRECT PILOT PROGRAM enabling banks and financial institutions to pre-fund cross-border payments using USDC and EURC.
The next phase, according to McInerney, will continue to improve and invest in its solution layer, allowing the firm to offer more features to its clients and partners, with a concrete example being the minting and burning of StableCoins.
“We’re starting to enable banks and burn their own stablecoins with a tokenized visa asset platform, and we’re adding StableCoin capabilities to enhance cross-border money movement with direct visa.”
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