Visa adds Monad to stablecoin settlement network as run rate exceeds $25 billion

What happened

Visa announced that the Monad network is now an approved option for stablecoin settlement of Visa obligations for participating issuers and acquirers. The integration was confirmed by the Monad Foundation in a post on November 10, and it allows institutions to move funds owed to Visa using supported stablecoins on eligible blockchains without altering the consumer card‑payment experience.

The addition follows Visa's October earnings call, where Chief Executive Ryan McInerney reported an annualized settlement run rate of more than $25 billion, a ten‑fold increase from the prior year. While the figure reflects activity across Visa's entire stablecoin program, it underscores the accelerating volume that now includes Monad alongside other networks such as Arc, Base, Canton, Polygon, Tempo, Ethereum, Solana, Avalanche and Stellar.

Visa's stablecoin settlement framework enables issuers, ranging from crypto exchanges and digital wallets to neobanks and remittance providers, to settle their Visa obligations in stablecoins, even during weekends and holidays. The system moves funds between payment institutions after a card transaction, offering faster finality than conventional cross‑border settlement, which can take a day or more when initiated outside banking hours.

The Monad integration arrives ahead of the launch of its proposed Private Settlement system, a privacy‑focused design introduced by Category Labs on October 6. Although the private settlement feature is still a published design and not yet live, its eventual rollout would let institutions configure encrypted execution domains, select validators, and grant scoped access to auditors or regulators while retaining access to Monad's shared liquidity pool.

Why it matters

The expansion of Visa's multichain settlement approach deepens the bridge between traditional payments and decentralized finance, giving large‑scale issuers a viable alternative to legacy correspondent‑bank channels. Faster, on‑chain settlement reduces liquidity costs, especially for daily or weekend obligations that previously required costly credit facilities. Moreover, the forthcoming privacy layer could address regulatory and competitive concerns around confidential balance sheets, making stablecoin settlement more attractive to institutions that handle sensitive treasury flows.

Background

Visa first disclosed stablecoin settlement activity in September 2024, reporting an annualized run rate of $20 billion, already 15 times the level a year earlier. By the end of October 2025, the company supported ten blockchains and operated settlement services across all five geographic regions, with more than 225 stablecoin‑linked card programs covering five million cards in over 50 countries. A pilot with Lloyds Banking Group in September 2025 demonstrated live settlement of $750,000 in USDC, with funds reaching Visa in under an hour, including weekend processing, highlighting the speed advantage of on‑chain settlement.

What to watch

Monad's Private Settlement design remains a prototype; its production timeline, performance metrics, and regulatory approvals have not been disclosed. Stakeholders should monitor announcements from Category Labs and the Monad Foundation for updates on when encrypted, permissioned domains will become operational and how they will integrate with Visa's existing settlement pipelines.

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