Visa Grows Stablecoin Volume to $25 Billion
Visa now processes stablecoin settlement through five tokens and ten blockchains, while card programs and Open USD keep scaling too.
Key Takeaways
- Visa has pushed its annual stablecoin settlement run rate to more than $25 billion, about ten times higher than a year earlier.
- The company now processes settlement in five stablecoins and on ten blockchains, and calls itself stablecoin- and blockchain-agnostic.
- Visa counts more than 225 stablecoin card programs; spending on about 5 million cards rose by more than 150%.
Visa has pushed its annual stablecoin settlement run rate to more than $25 billion (€22.5 billion), about 10 times as much as a year earlier. According to CEO Ryan McInerney, that shows how quickly stablecoins are finding a place in payments, even though it is still not clear which issuers benefit the most.
More Stablecoins and More Chains
Visa now processes settlement in five stablecoins and on ten blockchains, more than twice as many as a year ago. Supported tokens include USD Coin, PayPal USD, Circle’s euro stablecoin Euro Coin, Global Dollar, and SBC, a dollar stablecoin from Brale.
McInerney told analysts that Visa has no preference for any specific token or chain. The company calls itself stablecoin-agnostic and blockchain-agnostic, which means different issuers can plug into the same network.
Open USD Also Gets a Spot
Visa is also part of the Open USD consortium, which aims to offer an alternative to USDC. The Open USD token, tied to Visa’s Flex Credential payment product, had more than $800 million (€719 million) in circulation as of October 15. McInerney also said Open USD will later be built into other Visa products, including Visa Direct.
That setup makes Visa an important link between banks, issuers, and stablecoin infrastructure. For European crypto readers, that matters because it shows how stablecoins are increasingly moving through existing payment networks instead of only through native onchain rails. That fits the broader shift toward stablecoin use among companies and banks, where cross-border payments and integration with existing workflows are especially important.
Growth in Card Programs
Beyond settlement, stablecoin card usage is also growing. Visa now counts more than 225 stablecoin-linked card programs, more than 70% higher than a year ago. On about 5 million of those cards, spending rose by more than 150% across more than 50 countries.
Visa’s Stablecoin Platform, which lets companies launch stablecoin products, is live in six markets, including the U.S., Mexico, and the U.K. The company also said it has a pipeline of more than 300 partners, although Visa did not give a specific forecast for which tokens or networks will ultimately play the biggest role.
