Visa reported $11.63 billion in net revenue for its fiscal third quarter, marking a 14% increase compared to last year. Payments volume and processed transactions each grew by 10%, while cross-border volume climbed 13% amid its broad push into digital payments and blockchain technology.
During the earnings call on July 28, Visa laid out a full strategy focused on stablecoins and blockchain settlement. Their new platform, Visa Stablecoin Platform, currently in beta with select clients, offers wallet infrastructure and tools to mint, hold, transfer, and redeem stablecoins within a Visa-controlled environment.
Expanding Blockchain Reach with Multi-Chain Support
Visa’s settlement pilot has rapidly expanded, reaching an annualized run rate of $7 billion by March after a 50% growth in one quarter. The program now supports nine blockchains including Ethereum, Solana, Polygon, Avalanche, and Stellar among others, enabling Visa to offer institutional partners a variety of network options beyond early trials on Ethereum and Solana alone.
OpenUSD, the upcoming stablecoin asset facilitated by Visa’s platform, will allow clients to connect bank accounts and manage wallets with minting and redemption capabilities once available. Visa emphasized that OpenUSD is only a starting point; its broader strategy maintains support for multiple stablecoins globally, aiming to integrate blockchains, issuance, wallets, infrastructure orchestration, and payment applications under a smooth payments roadmap.
This development aligns with broader trends of crypto adoption, building on products like stablecoin settlement pilots that provide financial institutions more efficient cross-border payment options. Visa's growth, backed by solid adoption of blockchain services, signals the company's strategy to evolve beyond a traditional card network.
This content is for informational purposes and not financial advice.
