تسویه حساب استیبل کوین ویزا به ۲۵ میلیارد دلار بالاتر از نرخ اجرای سالانه، ۱۰ برابر بیشتر از سال گذشته

Visa’s stablecoin settlement business crossed a $25 billion annualized run rate in the fourth quarter of fiscal 2026, a tenfold increase from a year earlier, the payments network disclosed in its fiscal fourth-quarter and full-year results on October 27. The figure measures the pace at which the company settles transactions on stablecoin rails, not the total value settled over the year, and it is the clearest public number yet for a business that Visa executives had previously described only in directional terms. Chief Executive Officer Ryan McInerney put the milestone in plain terms on the accompanying earnings call: “In stablecoin settlement, our run rate has surpassed $25 billion in annualized volume, up 10x year-over-year. We can now support 10 blockchains, more than doubling from last year and are operating in all 5 regions.” The disclosure arrived inside Visa’s fiscal fourth-quarter results filed with the SEC, which reported quarterly net revenue of $12.1 billion, up 13% year-over-year, and record full-year net revenue of $45.9 billion, up 15%. The stablecoin figures were not the headline of the release, which was led by McInerney’s broader framing of the year: “Visa delivered a milestone year. We achieved record net revenue of $46 billion, up 15%, the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions.” But for the crypto and payments infrastructure sectors, the stablecoin metrics carry the sharper signal: Visa is now operating settlement infrastructure across ten blockchains and has moved its stablecoin prefunding product out of testing. Inside Visa’s Onchain Settlement Stack The earnings call detailed a stack that has grown well beyond a single blockchain or a single stablecoin. McInerney said Visa now supports ten blockchains in settlement, more than doubling from a year earlier, and five stablecoins, operating in all five of its geographic regions. The company has also positioned itself as infrastructure rather than a competing issuer. In the question-and-answer portion of the call, McInerney answered a direct question about whether Visa would favor one network or token with a formulation that defines the company’s stance: “We are stablecoin-agnostic. We are blockchain-agnostic.” That neutrality is backed by validator and issuance roles that span rival networks. Visa said it was invited to the founding validator cohort for Circle’s ARC network, adding to its existing roles as a validator on Tempo and a super validator on Canton. On the issuance side, the Open USD token went live on September 30, with total supply in circulation surpassing $800 million through October 15. The most consequential operational change, however, is that Visa Direct’s stablecoin prefunding and cross-border money movement moved from pilot to commercial production, with Inyo Global, a U.S.-based payments infrastructure provider, as the first live partner.