Visa's stablecoin settlement initiative now processes $1.8 billion in monthly volume across 15 issuing banks in 7 countries, the network disclosed at its annual payments forum. The program uses USDC on Solana and Ethereum to settle cross-border obligations between issuers and Visa in near-real-time, replacing traditional wire transfers that settle on a T+1 or T+2 basis.
Participating banks include Worldpay, Nuvei, and Crypto.com for acquiring settlement, plus issuers in Brazil, Singapore, and the UAE that use stablecoins to fund their Visa settlement obligations during non-banking hours.