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Key Points:
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Visa Direct is a stablecoin pilot using USDC and EURC for faster global payouts
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The program helps banks and institutions optimize liquidity in cross-border payments
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Stablecoin pre-funding supports treasury operations with greater predictability and flexibility
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On-chain payments signal Visa’s entry into next-generation financial infrastructure
Visa Direct is a stablecoin pilot that introduces a new approach to cross-border payments.
The initiative allows financial institutions to use USDC and EURC as cash equivalents for instant transfers. By doing so, Visa aims to address outdated systems and improve efficiency in international money movement.
The program was announced at SIBOS 2025 and highlights Visa’s intent to modernize treasury operations. From my perspective, the decision reflects the growing acceptance of stablecoins in traditional finance. Chris Newkirk, Visa’s president of commercial and money movement solutions, described the project as a way to let businesses move funds instantly across the world.
Visa Direct as a bridge for global payments
Visa Direct partners can pre-fund their accounts with stablecoins instead of locking fiat currency in multiple regions. This method reduces the need for tied-up capital and offers more flexibility in treasury operations. The move also gives institutions an alternative during weekends or off-hours when traditional systems stop processing.
The pilot serves banks, remittance providers, and other financial firms looking to enhance liquidity management. By treating stablecoins as cash equivalents, Visa is making a strong case for on-chain payments in the mainstream. The company has already processed more than $225 million in stablecoin settlements, although this is still small compared with Visa’s $16 trillion in annual payment volume.
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Stablecoins reshape liquidity for cross-border payments
Stablecoin pre-funding could release working capital while reducing exposure to currency volatility. This matters in a global market where exchange rate risks often impact treasury planning. Companies dealing with frequent international transactions might see more predictable flows when using Visa Direct.
In practice, this approach could change how treasurers think about funding their cross-border payments. Instead of holding various fiat currencies in different corridors, they can rely on USDC or EURC. This reduces complexity and brings operational clarity.
On-chain payments align with industry shifts
Visa’s stablecoin pilot does not exist in isolation. Swift recently revealed its own blockchain initiative developed in partnership with Consensys and several banks. The focus is also on enabling real-time cross-border settlements. Both projects underline how large financial networks are adopting on-chain payments as core infrastructure.
At the same time, crypto-native firms are drawing attention from investors. RedotPay, a stablecoin payments startup, achieved unicorn status after securing $47 million in funding led by Coinbase Ventures. Bastion, another stablecoin infrastructure company, raised $14.6 million in backing from names such as Sony, Samsung Next, and Andreessen Horowitz. These developments show that stablecoins are increasingly viewed as an operational tool, not just an asset for traders.
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Visa Direct is a stablecoin pilot driving mainstream adoption
Visa’s move to test stablecoins for global payouts places it at the center of digital finance innovation. The company’s recognition of stablecoins as cash equivalents is a notable milestone. For banks and enterprises, this represents a chance to experiment with treasury models that are more agile and transparent.
From my standpoint, the broader significance lies in the competition between financial networks. Visa is positioning itself to remain relevant as on-chain payments gain traction. The expansion of the pilot in 2026 could signal a turning point where stablecoins become a standard option for corporate treasuries.
Looking ahead
If Visa successfully scales this pilot, we might see greater confidence in stablecoins as tools for payments. Businesses will evaluate the cost savings, liquidity benefits, and operational resilience that stablecoins offer compared with conventional methods. The financial sector has long sought faster settlement and better capital efficiency. Visa Direct could provide a practical answer.
Whether this approach becomes dominant will depend on adoption rates and regulatory clarity. Yet, the decision of a global player like Visa to treat stablecoins as equivalents to cash should not be overlooked. It indicates that on-chain payments are now being considered as serious infrastructure, not temporary experiments.
On-chain payments enter the global mainstream
The Visa Direct stablecoin pilot reinforces the belief that digital assets are moving beyond speculation. They are entering the operational core of finance. With Visa, Swift, and major crypto startups building solutions, cross-border payments are on track for a structural shift.
For treasurers and institutions, this means adapting to a world where stablecoins are not optional but essential. Visa Direct is a stablecoin pilot, but it may also be the beginning of a new financial standard.
