Visa has added the Monad blockchain to its stablecoin settlement program, enabling participating card issuers and acquirers to settle obligations using stablecoins on the network. The move broadens the set of blockchains available for post-transaction fund transfers between financial institutions.

Monad now sits alongside Avalanche, Ethereum, Solana, Stellar, Circle’s Arc, Base, Canton, Polygon and Tempo. Visa had brought five of those networks into the program earlier in the year. The addition gives partners additional choices for settlement rails that operate outside traditional banking hours, including weekends and holidays.

Settlement Volumes Continue to Scale

Visa’s annualized stablecoin settlement run rate surpassed $25 billion, according to comments from chief executive Ryan McInerney during the company’s late-October earnings discussion. That figure marked a roughly tenfold increase from the prior year. An earlier September disclosure had placed the run rate above $20 billion, more than 15 times the year-earlier level.

The company reported more than 225 stablecoin-linked card programs in operation across more than 50 countries, covering roughly five million cards. Participating issuers have included crypto exchanges, digital wallets, neobanks and remittance firms. Card-program volume grew more than 150 percent year over year.

Stablecoin settlement allows institutions to move funds owed through Visa’s network after card transactions clear. Unlike conventional card settlement, which follows a five-business-day banking calendar, blockchain-based transfers can occur continuously. A recent pilot with Lloyds Banking Group demonstrated the practical difference: the bank settled $750,000 in live dollar obligations over seven days, with funds reaching Visa in the United States in under an hour, including over a weekend.

Privacy Features Under Development on Monad

Alongside the settlement integration, the Monad Foundation is advancing a Private Settlement capability designed for institutional needs. The feature would allow organizations to keep transaction details confidential by default while granting scoped access to auditors or regulators when required. Private transactions are intended to draw on the same network liquidity available to other activity and to avoid slowing settlement times.

The design remains a published proposal rather than a live production service. Institutions would configure their own execution domains, selecting validators, permitted assets and access policies. Transactions, contract code and state would remain encrypted, with separate controls governing visibility of balances, addresses, logs and receipts.

Visa has separately explored confidential settlement approaches. In June the company conducted a proof of concept on Canton with stablecoin issuer Brale and its dollar-pegged SBC token, testing institutional onchain settlement with controlled data access.

Operational Context and Network Characteristics

Monad is an Ethereum Virtual Machine-compatible Layer 1 network. Its operators point to high throughput and sub-second finality as attributes that may suit high-volume settlement activity. Issuers and acquirers already operating on Ethereum-compatible infrastructure may be able to reuse existing custody, wallet and compliance setups with limited additional adaptation.

Visa has not publicly detailed which specific stablecoins or individual institutions will use Monad for settlement, nor the precise volume expected on the new rail. The company currently supports multiple stablecoins across its broader program, including USDC, USDG, EURC, PYUSD and SBC. Adding a network expands options but does not automatically generate material transaction volume; actual usage will depend on partner adoption, operational readiness and commercial terms.

Issuers operating stablecoin-linked card programs must still fund daily settlement obligations before collecting from cardholders. Visa has worked with partners on revolving facilities denominated in stablecoins and secured against settlement receivables to address that working-capital requirement, including for smaller programs that settle only a few million dollars per day.

The expansion of supported blockchains forms part of Visa’s wider effort to offer multi-chain infrastructure for stablecoin-enabled payments across its geographic regions. Further details on live partners, supported assets and measurable volumes on Monad are expected as the integration moves from announcement to routine operation.