Payments giant Visa recently decided to expand its stablecoin settlement platform, which will now support three additional stablecoins, as well as two new blockchains. The move has extended the reach of the payment firm’s on-chain payment infrastructure, broadening its multichain stablecoin settlement infrastructure.

According to Visa’s announcement, the payments firm will now also support PayPal’s PYUSD stablecoin, Global Dollar (USDG), and Circle’s euro-backed stablecoin, EURC. The new batch of stablecoins has joined Circle’s USDC, which Visa started using for settlements four years ago, in 2021.

In addition to the new stablecoins, the company also added Stellar and Avalanche to its platform, thus expanding its blockchain coverage beyond just Ethereum and Solana. The new updates will mark a major change for Visa’s stablecoin infrastructure, allowing it to support four different stablecoins moving forward and operate on four blockchain networks.

With EURC integrated, select pilot partners can settle transactions in both dollar- and euro-backed stablecoins, according to the firm. Furthermore, the stablecoin support will be built on Visa’s existing global treasury infrastructure. So far, the firm has already enabled settlements in more than 25 fiat currencies, and now, it has expanded the list of cryptocurrencies that can offer the same.

The expanded platform runs alongside its traditional system, but it is important for its partners, as it grants them more flexibility in how they move funds across borders.

Visa’s Expanded Stablecoin Network Will Bring Flexibility For Its Partners

Commenting on the move, Visa’s global head of growth products and strategic partnerships, Rubail Birwadker, said that Visa is building a multi-coin and multi-chain foundation. He noted that doing so would help the company meet the needs of its partners around the world.

“We believe that when stablecoins are trusted, scalable and interoperable, they can fundamentally transform how money moves around the world,” he added.

Beyond stablecoin settlement, Visa also started its work with card issuers, seeking to bring stablecoin-linked payment products to market. The company noted that there is a growing demand for such products from both developers and banks, and even merchants. They all seek a more interoperable and flexible settlement layer, and Visa believes that this is the way to deliver it

Interestingly, the expansion came only weeks after the passing of the GENIUS Act in the US – a new law that introduced regulatory clarity for stablecoins and instructed banks on how to build digital payments infrastructure.