Visa has surpassed $3.5 billion in annualized stablecoin settlements, highlighting the growing adoption of stablecoins in payment systems. The milestone reflects increased use cases, such as Deel paying 10,000 contractors across 100 countries in stablecoins, signaling a shift in how businesses manage cross-border payments, according to chargebee.com.
The rise in stablecoin usage is driven by businesses seeking solutions to challenges like cross-border currency conversion, slow collections, and reconciliation overhead. While only 13% of mid-market firms currently use stablecoins, the technology addresses specific payment problems that traditional rails struggle with. Chris Harmse, co-founder of BVNK, noted that skepticism around stablecoins is rational but often stems from confusion between stablecoins and cryptocurrencies like Bitcoin, which serve different purposes.
This development matters as stablecoins offer a more efficient alternative for companies facing payment friction, especially in international transactions. Unlike volatile cryptocurrencies, stablecoins provide price stability, making them suitable for business payments. The growing volume of stablecoin settlements by major players like Visa underscores their increasing role in the payments landscape, complementing existing payment methods rather than replacing them.
Visa's $3.5 billion annualized stablecoin settlement figure and Deel's payment to 10,000 contractors in stablecoins across 100 countries demonstrate concrete adoption milestones. These examples illustrate how stablecoins are moving beyond experimentation to practical applications in global payments, as detailed by chargebee.com.