Visa has enhanced its settlement platform by adding support for Global Dollar, PayPal USD, and Euro Coin stablecoins, as well as integrating new blockchain networks like Stellar and Avalanche. This integration enables users to send and receive stablecoin payments, or convert their balances to traditional currencies. Visa previously supported Circle’s USD Coin and several blockchain networks, including Ethereum and Solana. The stablecoin market has grown significantly, reaching a total market cap exceeding $256 billion, driven by increasing interest from institutions, tech firms, and retailers. Competitors like Mastercard are collaborating with crypto entities to incorporate crypto payments, while major retailers such as Walmart and Amazon explore stablecoin adoption for international transactions. Bank of America is also advancing in this area by developing stablecoin payment capabilities. Despite the growth of stablecoins posing challenges to traditional payment processors, the transaction volume of on-chain stablecoins has surpassed that of Visa and Mastercard, highlighting the significant shift towards blockchain-based payment systems.

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