The initial members of the Visa settlement system in stablecoins were Cross River Bank and Lead Bank, who already conduct similar transactions within the Solana blockchain ecosystem. The payment operator plans for broader distribution of the service across the US in 2026.
Visa stated that the proposed settlement scheme for partners covers the entire country around the clock, including holidays and weekends. Currently, there is no direct access for retail customers to settle in USDC stablecoins. However, if Cross River Bank, Lead Bank, or other partner banks introduce retail products linked to the service, Visa promises faster transaction processing speeds and a reduction in their cost.
Earlier, Visa CEO Ryan McInerney announced that his company is testing a stablecoin settlement system via the Visa Direct service and is utilizing the Visa Tokenized Asset platform to refine “new forms of programmable finance.” McInerney mentioned that during the program’s operation, the international firm has processed stablecoin transactions totaling over $200 million.
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