Visa Expands Stablecoin Settlement Options with Monad
Visa adds Monad to stablecoin settlement options
- Visa has added Monad to its stablecoin settlement options for participating issuers and acquirers 1
- Monad's integration into Visa's settlement options marks a significant development for the industry 2
- Visa's stablecoin settlement volume stood at an annualized $25 billion as of September 1
- Monad plans to introduce an institutional privacy feature called 'Private Settlement' within the next few months 1
In this article
Visa expands stablecoin settlement options
Visa expands stablecoin settlement capabilities with its program now including Monad, a Layer 1 blockchain 1. This addition brings the total number of supported blockchains to roughly 10 5. According to Dan Roesbery, Visa's vice president of global onchain partnerships, this move supports the company's goal of building a multi-chain settlement infrastructure 1. Monad's compatibility with the Ethereum Virtual Machine (EVM) will facilitate integration with existing systems 1.
The Monad Foundation announced the integration, citing the benefits of increased options for Visa's partners 1. Visa's CEO, Ryan McInerney, previously stated that the company supports 10 blockchains in settlement 1. The addition of Monad marks a significant step forward in the industry's adoption of blockchain technology 2. This development will likely impact the growth of stablecoin use in payments 4.
Meanwhile, Monad's network handles 10,000 transactions per second and produces a block every 400 milliseconds 1. According to the company, the blockchain runs on over 200 independently operated validators, ensuring the security and integrity of transactions 1. With this integration, Visa's partners will have access to a more extensive range of settlement options 2. Consequently, this increased flexibility will enable them to better serve their clients 3.
Visa adds Monad to stablecoin settlement options
PNC launches stablecoin pilot for corporate clients
PNC has launched a pilot program enabling corporate and institutional banking clients to accept stablecoin payments 3. The pilot allows clients to receive payments in Circle's USDC, a dollar-backed stablecoin, on the Ethereum blockchain 3. Mike Gallagher, PNC's chief operating officer of treasury management, stated that the bank aims to provide customers with optionality 3. This pilot will help PNC learn more about its clients' needs and preferences 3.
Gallagher noted that the bank seeks to add capabilities that match emerging corporate needs 3. The pilot will enable PNC to gather valuable insights from its clients 3. Tom Lang, PNC's head of treasury management product and operations, emphasized the importance of supporting clients with innovative capabilities 3. This approach will enable PNC to stay competitive in the market 4.
The pilot program will allow PNC's corporate clients to receive incoming USDC payments, which will be automatically converted to US dollars 3. The bank's goal is to provide a seamless payment experience for its clients 3. By exploring new payment technologies, PNC aims to enhance its services and better serve its clients 3. This move demonstrates the bank's commitment to innovation 2.
Visa's stablecoin settlement volume grows
Following a review of the data, Visa's stablecoin settlement volume has reached an annualized $25 billion as of September 1. Policymakers note that this represents a significant increase from the previous year 1. The number of stablecoin-linked card programs operating worldwide has surpassed 225 1. The Fed suggests that this growth demonstrates the increasing adoption of stablecoins in payments 4.
Dan Roesbery stated that the goal is to let partners choose the blockchain that best fits their needs 5. Visa's expanded settlement options will provide institutions with more flexibility 2. The company's October 15 update on stablecoin-powered money movement showed that parts of its broader digital-dollar strategy are moving towards live commercial deployment 4. This development will likely have a positive impact on the industry 1.
Seven months after the initial announcement, Monad's integration into Visa's settlement options represents major progress in the industry's use of blockchain technology 2. Experts say that new blockchains will increase the network's complexity 4. Still, this complexity will also bring more opportunities for innovation and growth 1. As a result, new developments and partnerships will emerge, driving the industry forward 3.
What it means for readers
The addition of Monad to Visa's stablecoin settlement options has significant implications for US crypto investors and builders 1. This development demonstrates the growing importance of blockchain technology in the payments industry 2. As the industry continues to evolve, new opportunities and challenges will arise 4. Readers should stay informed about the latest developments in the industry 1.
The growth of stablecoin settlement volume will likely have a positive effect 1. However, there are still many unknowns, such as how regulatory changes will affect the industry 4. Readers should be aware of these uncertainties and stay current on the latest news and developments 1. This will enable them to make informed decisions and navigate the complex landscape 3.
Given the current trends, Monad's integration signifies progress in the use of blockchain technology 2. The company expects that the industry will grow and evolve, with new partnerships and developments emerging 1. Even so, readers should be aware of these developments and their potential effects 4. Ultimately, by staying informed, readers can gain a deeper understanding of the industry's complexities 3.
What isn't known yet
There are still many unknowns about Monad's integration 1. The exact details of the institutional privacy feature called 'Private Settlement' are not yet clear 1. Additionally, the timing of the feature's launch and its potential effects are unknown 5. These uncertainties will likely be addressed in the coming months 1.
The effect of Visa's expanded settlement options on the market price of its native token is not yet clear 4. The network's economics, including fees, throughput, and partner concentration, will influence the market price 4. However, the exact details of how these factors will impact the market price are unknown 1. This uncertainty will likely be resolved, and the market will adjust accordingly 3.
The future of the industry will depend on various factors, including regulatory changes, technological advancements, and market demand 4. New challenges and opportunities will arise, and the industry will evolve 1. The integration of Monad is a major milestone, but there is still much to be learned about the industry's future 2. Readers should stay informed about the latest developments and be aware of the uncertainties that still exist 1.
Frequently asked questions
What is Monad?
Monad is a Layer 1 blockchain that has been added to Visa's stablecoin settlement options 1.
What is the significance of the addition of Monad to Visa's stablecoin settlement options?
The addition of Monad marks a significant step forward in the industry's adoption of blockchain technology 2.
What is the growth in stablecoin settlement volume?
Visa's stablecoin settlement volume has reached an annualized $25 billion as of September 1.
About this article
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