Visa Adds Monad to Stablecoin Payments Network, Plans Institutional Privacy Feature - bloomingbit
Visa has added the Monad blockchain to its stablecoin payments network, enabling participating card issuers to settle transactions on the platform.
The global payments company started enabling participating card issuers and acquirers to settle stablecoin payments through Monad, crypto-focused media outlet The Block reported on November 10.
Monad joins Visa’s stablecoin settlement network alongside Avalanche, Ethereum, Solana, Stellar, Arbitrum, Base, Canton, Polygon and Tempo.
Unlike traditional card payments, blockchain-based settlement is not limited to bank business days, allowing funds to be processed on weekends and holidays.
Visa's Growth in Stablecoin Settlement
Visa’s stablecoin settlement volume reached an annualized $20 billion as of September, up more than 15-fold from a year earlier.
The number of stablecoin-linked card programs operating worldwide has also surpassed 225.
"Our goal is to let partners choose the blockchain that best fits their needs," Dan Roesbery, Visa’s vice president for global on-chain partnerships and go-to-market, said.
Support for Monad is another step toward building multichain stablecoin payment infrastructure, he added.
Monad's Privacy Feature
Monad plans to launch Private Settlement, a privacy feature for institutions, within the next few months.
It will allow institutions to keep transaction details from being publicly disclosed while still providing the information to auditors or regulators when needed.
Related
