Visa Adds Support for Stablecoins XLM and AVAX

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by Giorgi Kostiuk

a year ago

Visa has announced an expansion of its payment infrastructure by adding support for new blockchains and stablecoins, which may significantly impact international transactions.

New Blockchains in Visa's Payment System

Visa has added support for the Stellar (XLM) and Avalanche (AVAX) blockchains to its payment infrastructure, complementing its existing support for Ethereum and Solana. This decision highlights Visa's commitment to adapting to the rapidly changing world of cryptocurrencies.

Supported Stablecoins

With the new update, Visa will begin supporting two dollar-denominated stablecoins, PayPal USD (PYUSD) and Global Dollar (USDG), in partnership with Paxos, while also supporting the euro-denominated EURC stablecoin issued by Circle. This means Visa's platform now supports transactions in both U.S. dollars and euros.

Impact of the Update on Financial Technology

By supporting four stablecoins: USDC, PYUSD, USDG, and EURC across four different blockchains, Visa aims to accelerate cross-border transactions and increase inter-system compatibility for fintech companies, banks, and digital wallet developers. Rubail Birwadker, Head of Global Growth Products and Strategic Partnerships at Visa, stated, "They believe that stablecoins, if reliable, scalable, and interoperable, have the potential to fundamentally change how money moves around the world."

Visa's expansion of stablecoin and blockchain support could be a significant step towards simplifying international financial operations and increasing flexibility for modern financial technologies.

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