Visa Grows Stablecoin Card Network

(MENAFN- Yolo Wire) Payments giant Visa (NYSE: $V) is expanding its network of stablecoin-linked cards as demand for cryptocurrencies grows around the world.

The credit card giant said that it now operates more than 160 stablecoin-linked card programs for issuers and program managers.

That represents a nearly 200% increase year-over-year as more businesses launch cards for their customers, said Visa.

Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar.

Visa said that to meet surging demand for stablecoin-linked credit and debit cards, it is establishing partnerships that allow new issuers access to smart contracts and onchain credit.

In July of this year, Visa launched a stablecoin platform that facilitates settlements, expands stablecoin-linked card programs, and aims to help financial institutions access digital assets.

Archrival Mastercard (NYSE: $MA) is also investing heavily in stablecoins and has its own platform for dealing in the cryptocurrency that is growing in popularity for cross-border payments.

Over the last six years, $700 billion U.S. in stablecoin-denominated loans have been sent through onchain lending protocols, according to Visa.

Visa said that, going forward, it will also make more data available to companies lending on the blockchain as stablecoin-linked cards grow in popularity.

Specifically, Visa said it will give lenders and card issuers greater insight into the financial performance of digital assets.

V stock has risen 8% over the past 12 months to trade at $370.16 U.S. per share.

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