تسویه استیبل کوین ویزا به نرخ اجرای ۲۵ میلیارد دلاری رسید که ۱۰ برابر سال به سال افزایش یافته است

Visa has reached a $25 billion annualized run rate for stablecoin settlements, marking a tenfold increase compared to the previous year. CEO Ryan McInerney delivered this figure during the company’s fiscal fourth-quarter earnings call on October 27, highlighting significant momentum for stablecoin use within its network. Visa pushes stablecoin growth Visa, the global payments giant, now conducts part of its card settlement operations across 10 different blockchains. The selection of which stablecoins are adopted for these settlements could prove influential for issuer market share, especially as Tether’s USDT—currently the largest stablecoin—remains excluded from Visa’s supported tokens. Visa has also invested in the Open USD (OUSD) stablecoin, further intensifying the competitive environment among stablecoin issuers participating in its settlement system. Stablecoin settlement expansion On the latest earnings call, McInerney stated, “In stablecoin settlement, our run rate has surpassed $25 billion in annualized volume, up 10x year-over-year.” Alongside stablecoin volumes, Visa reported quarterly net revenue of $12.1 billion—a 13% increase—and a record full-year net revenue of $45.9 billion, up 15% from the prior year. Settlement in the Visa system refers to the back-office process where card issuers and acquirers settle their mutual obligations, a critical function of the payments infrastructure but not directly tied to consumer purchases. Asked about Visa’s approach to different tokens, McInerney described the platform as “stablecoin agnostic” and “blockchain agnostic.” Currently, Visa supports settlement in five stablecoins: USD Coin (USDC), Global Dollar (USDG), Euro Coin (EURC), PayPal USD (PYUSD), and SBC, issued by Brale. Mini dictionary: Brale – A financial technology company known for issuing SBC, a dollar-pegged stablecoin used in institutional settlement applications. These five tokens are currently settled across 10 blockchains and support all five of Visa’s international operating regions, more than doubling the blockchain count from the prior year. Stablecoin-linked card programs surge Visa counts more than 225 card programs linked to stablecoins, an increase of over 70% year-on-year. These programs process transactions from about 5 million cards in more than 50 countries, with overall transaction volume rising more than 150% in the past year. The Visa Stablecoin Platform, designed to facilitate stablecoin-based payment products, now operates in the U.S., Mexico, Puerto Rico, Colombia, Switzerland, and the U.K. Over 300 partners are reportedly in the pipeline. Commercial adoption is also growing. Nearly 17% of all transaction volume on stablecoin-linked cards involves business or commercial card programs. Open questions and industry backdrop The reported $25 billion is an annualized run rate based on current activity, not an actual cumulative total for fiscal 2026. Details remain unclear on how this volume is distributed among the five supported stablecoins and their underlying blockchains. There is also no explicit connection between these settlement figures and Visa’s fiscal 2027 revenue projections.