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USDG 
EURC Global payment giant Visa plans to support four types of stablecoins on four different blockchains. The company is working to expand its cryptocurrency services.
Ryan McInerney, CEO of Visa, told investors during the company’s fourth-quarter and year-end earnings call on Tuesday that, given the strong growth in the previous fiscal year, the company will continue to expand its stablecoin offerings.
“We are adding support for four stablecoins that operate on four different blockchains. These stablecoins represent two currencies that we can accept and convert into more than 25 traditional fiat currencies.”
McInerney did not disclose any details about the specific stablecoins and networks that Visa will support, but he said this move will expand the list of supported networks and stablecoins.
Visa already supports several stablecoins, including Circle’s USDC and Euro Coin, as well as PayPal USD and Global Dollar. These stablecoins are based on Ethereum, Solana, Stellar, and Avalanche blockchains.
McInerney said that the company has a particular interest in stablecoins. He noted that since 2020, the value of cryptocurrencies and stablecoins has reached $140 billion.
In terms of growth, he said that Visa’s spending by global consumers using its stablecoin-related cards increased four times compared to the same period last year.
“We have expanded the number of stablecoins and blockchains that can be used for settlement. Monthly transaction volumes now exceed $2.5 billion per year,” he added.
Ryan McInerney, CEO of Visa, spoke with Bloomberg in May. Source: YouTube
Visa is increasing its investment in stable coin banking services.
McInerney said that Visa’s focus will be on expanding its stable coin products for banks and other traditional financial institutions, as well as facilitating more cross-border transactions. He noted that “there is still much room for growth in this area.”
This process began in late September through the Visa Direct pilot program, allowing banks and financial institutions to use USDC and EURC to prepay for cross-border payments.
McInerney said that the next step is to continue improving and investing in their solutions, so that the company can offer its customers and partners more features. An example of this is the creation and destruction of stable coins.
“We are starting to enable banks to create and destroy their own stable coins through Visa’s tokenized asset platform. We are also enhancing cross-border financial flows by adding stable coin functionality through Visa Direct.”
