Visa Inc. has thrust itself into the center of the stablecoin surge. The payments giant now settles billions in USDC and other tokens across multiple blockchains. Its latest moves, including backing a new consortium stablecoin, signal a determined effort to shape the future of digital dollar rails.
Just months ago, the idea of traditional card networks embracing on-chain settlement seemed experimental. No longer. Visa’s pilot has hit a $7 billion annualized run rate. That figure jumped 50% from the prior quarter, according to the company’s April 2026 announcement. Visa added five blockchains — Arc, Base, Canton, Polygon and Tempo — bringing the total to nine. The expansion lets issuers and acquirers move funds faster, even on weekends.
But the real story runs deeper. Visa joined more than 140 firms in late June 2026 to launch Open USD, a dollar-pegged stablecoin designed to share reserve yields with partners rather than concentrate them at a single issuer. The consortium includes Stripe, Mastercard, BlackRock, Google and Coinbase. Stripe has already made Open USD its default stablecoin. Circle’s stock dropped about 17% on the news, reported Yahoo Finance.
From Pilot to Production
Visa first dipped its toe in stablecoins years ago. Early pilots in 2023 and 2024 tested settlement with USDC on Solana and other networks. By December 2025, the company opened USDC settlement to U.S. institutions. Cross River Bank and Lead Bank started moving funds on Solana immediately. Broader U.S. access rolled out through 2026, per Visa’s investor release.
Volumes climbed steadily. The pilot reached more than $3.5 billion annualized by late 2025. Then came the acceleration. By early 2026, the run rate approached $7 billion. Issuers now settle seven days a week. Acquirers may soon follow. And Visa supports over 130 stablecoin-linked card programs in more than 50 countries. Those cards let users spend tokenized dollars anywhere Visa is accepted. The infrastructure quietly stitches crypto liquidity into everyday commerce.
Yet challenges remain. Stablecoins processed roughly $33 trillion in transactions last year, eclipsing Visa’s own $16.7 trillion in card volume, according to one analysis from BlockEden. Direct comparisons carry caveats. Much stablecoin activity involves trading and transfers rather than pure payments. Still, the trend is unmistakable. B2B stablecoin flows alone topped $6 billion monthly by mid-2025.
Circle’s USDC has widened its lead over Tether’s USDT. New data from Visa’s on-chain dashboard shows USDC accounting for about 70% of adjusted transaction volume in the first half of 2026. USDT held roughly 25%. The figures, released just yesterday, come from CoinDesk. They underscore how USDC benefits from institutional partnerships, including Visa’s.
But Open USD threatens to erode that edge. The new token offers free minting and redemption with no volume caps. Reserve interest flows back to partner firms instead of staying with the issuer. Governance rests with a board of participants, not a single company. “Businesses need something open, low-cost, high-throughput, and aligned to their interests,” said Zach Abrams, CEO of Open Standard, in the consortium announcement covered by multiple outlets including recent X discussions.
And the regulatory tailwinds helped. The GENIUS Act, passed in July 2025, gave traditional finance the compliance clarity it sought. Visa and peers no longer had to worry about operating in gray areas. They moved fast. Stripe bought the stablecoin platform Bridge for $1.1 billion to gain expertise. The Open Standard alliance emerged as a direct counterweight to crypto-native models.
Visa executives have described the strategy in measured terms. In earnings calls and forums, they emphasize modernizing settlement without abandoning core strengths. One June 2026 update noted billions moved across VisaNet with an annualized run rate near $7 billion as of March. The company also experiments with programmable features and AI-driven commerce tied to these rails.
Competitors watch closely. Mastercard appears in the Open USD backers list. Bloomberg reported last December that Visa’s U.S. settlement push came amid a friendlier regulatory stance under the second Trump administration. Bloomberg highlighted how the move expands crypto-linked services for banks.
Polygon’s addition in May 2026 brought particular attention. It enables fintech issuers to settle card flows outside traditional banking hours. BeInCrypto noted the development extends 24/7 capabilities. Similar expansions to Base and other networks reduce friction for cross-border flows.
Critics point to risks. Concentrated reserves, smart-contract vulnerabilities and potential runs on stablecoins could create systemic headaches. Visa mitigates some exposure by acting as a settlement layer rather than issuer. Its global network and compliance expertise provide a buffer. Banks like Cross River and Lead Bank handle the actual token movements under regulated frameworks.
So what does this mean for payments giants? They aren’t fighting the stablecoin wave. They ride it. By integrating tokens into existing infrastructure, Visa protects its position while opening new revenue streams. Card programs linked to stablecoins already span dozens of countries. Settlement efficiencies could lower costs for partners. And shared-yield models like Open USD align incentives across a broad coalition.
Circle faces real pressure. The company once enjoyed outsized margins from reserve interest. Coinbase, a major USDC partner, reportedly earned hundreds of millions in revenue sharing before shifting allegiance. If Open USD captures meaningful market share, those economics shift. Recent X posts from payments analysts describe the week of July 6, 2026, as a platform shift moment. Multiple infrastructure bets — stablecoins, real-time rails, agentic commerce — moved from pilot to production simultaneously.
Visa’s on-chain analytics dashboard now tracks these flows publicly. It offers transparency that pure crypto issuers sometimes lack. The data shows Solana playing an outsized role in settlement activity, consistent with its speed and low fees. Ethereum, Stellar, Avalanche and the newer additions round out a multichain approach. No single network dominates. That flexibility appeals to institutions wary of congestion or outages.
Broader adoption signals grow stronger. Stablecoin payouts for gig workers and creators represent another frontier. Visa tested USDC transfers from fiat accounts to crypto wallets last year, targeting emerging markets. Bloomberg covered the pilot’s focus on global freelancers who prefer instant, low-cost rails over wire transfers.
Meanwhile, total stablecoin volume continues setting records. Adjusted figures for June 2026 alone hit enormous levels, per Solana-focused analysts on X. The combination of regulatory clarity, institutional entry and technological maturity has created fertile ground.
Visa isn’t alone in its ambition. Yet its scale sets it apart. With a market capitalization in the hundreds of billions and relationships with millions of merchants, the company can drive adoption at levels crypto natives struggle to match. Its stablecoin settlement pilot now supports four different dollar tokens, including PYUSD and USDG through a Paxos partnership announced in 2025.
The road ahead holds uncertainties. How quickly will acquirers adopt seven-day settlement? Will Open USD gain traction beyond the consortium? Can traditional networks maintain their fee structures as cheaper on-chain alternatives proliferate? Answers will emerge over the next year.
For now, one fact stands clear. The distinction between traditional payments and blockchain-based money blurs further each quarter. Visa has positioned itself at the intersection, turning potential disruption into strategic advantage. Banks, fintechs and merchants pay attention. The rails of global commerce are being rebuilt in real time. And Visa holds some of the strongest tools to shape them.
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