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Visa adds Monad to stablecoin settlement network

Visa adds Monad to stablecoin settlement network

New Capabilities

Card issuers and acquirers can settle Visa obligations on another blockchain, but Monad's privacy feature is not live.

Yesterday: Visa adds Monad to settlement options

Overview

Updated 4 hours ago

Card issuers and acquirers can now settle what they owe Visa in stablecoins on Monad, a blockchain that stays open on weekends and holidays. The change covers back-end settlement between financial institutions and Visa, not a checkout option for shoppers.

Visa said in late October that its stablecoin settlement program ran at more than $25 billion annualized. Monad adds another option, but Visa named no first users or supported stablecoins, and Monad's privacy feature for institutions is still a design.

Why it matters

If banks route volume through Monad, card settlement can move outside the five-day banking week; Visa's stablecoin rail already runs above $25 billion annualized.

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Key Indicators

$25B
Annualized stablecoin settlement run rate
Visa's network-wide pace as of late October 2026, not cumulative volume and not Monad-specific.
$20B
Run rate reported Sept. 8
Earlier figure Visa reported before the October earnings call.
10
Blockchains supported
CEO Ryan McInerney cited 10 blockchains on the Oct. 27 earnings call, before the Monad addition.
225+
Stablecoin-linked card programs
Visa reported more than 225 programs globally as of late October 2026.
5 million
Cards in stablecoin-linked programs
Visa's figure for cards across those programs, in more than 50 countries.
150%
Year-over-year card-program volume growth
Visa's reported growth for stablecoin-linked card programs.

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People Involved

DR
Dan Roesbery
Vice president of global onchain partnerships and go-to-market at Visa
Active at Visa
KH
Keone Hon
Co-founder and general manager of the Monad Foundation
Active at Monad Foundation
 Ryan McInerney
Ryan McInerney
Chief executive officer of Visa
Active at Visa

Organizations Involved

Visa Inc.
Visa Inc.
Global payments network
Runs the stablecoin settlement program Monad joined

Global card network that operates the stablecoin settlement program Monad joined.
Monad Foundation
Monad Foundation
Blockchain foundation
Announced Visa integration

Nonprofit organization that promotes the Monad blockchain and announced the Visa integration.
Category Labs
Category Labs
Blockchain developer
Published Private Settlement design

Developer of Monad that published the Private Settlement design.

Timeline

December 2025 November 2026

7 events Latest: Yesterday
Tap a bar to jump to that date

  1. Visa adds Monad to settlement options

    Latest Integration

    Visa adds Monad as a stablecoin settlement option for issuers and acquirers.

  2. Visa run rate passes $25 billion

    Earnings call

    Visa CEO says stablecoin settlement run rate passed $25 billion annualized.

  3. Monad publishes Private Settlement design

    Product design

    Category Labs publishes design for Monad Private Settlement.

  4. Lloyds completes weekend USDC settlement

    Pilot

    Lloyds settles $750,000 in USDC over a weekend in under an hour.

  5. Visa reports $20 billion run rate

    Disclosure

    Visa reports $20 billion annualized stablecoin settlement run rate.

  6. Visa expands to five more chains

    Expansion

    Visa adds Base, Canton, Polygon, Tempo and Arc to settlement pilot.

  7. Visa launches U.S. USDC settlement

    Launch

    Visa begins U.S. USDC settlement with Circle's dollar-backed token.

Scenarios

1

Visa names a bank settling on Monad

Possible Resolves by Nov 10, 2027

Discussed by: The Block notes the practical test is whether issuers and acquirers actually route settlement through Monad.

A named issuer or acquirer announces live stablecoin settlement with Visa on Monad. That would move the addition from program eligibility to observable volume.

2

Monad's Private Settlement goes live

Possible Resolves by Q2 2027

Discussed by: The Monad Foundation says Private Settlement is expected in the coming months.

Monad launches Private Settlement for institutions, letting transaction details stay encrypted while auditors and regulators get limited access. The feature would address the confidentiality concern Visa's bank partners raise.

3

Monad stays a listed option without disclosed volume

Likely Resolves by Nov 10, 2027

Discussed by: TokenRecon warns that a blockchain partnership is not proof of token demand or payment volume.

Visa and its partners keep Monad on the settlement list but do not disclose any volume routed through it. The addition remains infrastructure positioning rather than evidence of bank adoption.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

December 2025

Visa launches USDC settlement in the U.S. (2025)

Visa began settling card obligations in USDC on Dec. 16, starting with Circle's dollar-backed token. The program was meant to speed cross-border transfers and let funds move outside the standard banking timetable.

Then

The launch gave Visa a live stablecoin rail, not a consumer checkout option.

Now

By late 2026, Visa reported a $25 billion annualized settlement run rate across its stablecoin program.

Why this matters now

Monad joins a rail Visa has been building for nearly a year, so the addition is an expansion rather than a first step.

April 2026

Visa adds five blockchains to settlement pilot (2026)

Visa added Base, Canton, Polygon, Tempo and Circle's Arc to its stablecoin settlement pilot. The April expansion brought the pilot to nine chains, including Avalanche, Ethereum, Solana and Stellar.

Then

Visa described a multi-chain settlement strategy.

Now

The additions set the pattern Monad followed: another chain on a list, not an exclusive rail.

Why this matters now

Monad is the latest chain added under that multi-chain approach.

September 2026

Lloyds completes weekend USDC settlement (2026)

Lloyds Corporate Markets Jersey settled $750,000 in live dollar payment obligations using USDC over a weekend. Visa said the funds reached the U.S. in under an hour.

Then

The pilot showed blockchain settlement could work outside banking hours.

Now

It became Visa's public proof that weekend stablecoin settlement was operational, not theoretical.

Why this matters now

Monad's pitch rests on the same weekend-and-holiday availability, now with another chain option.

Sources

(8)
+2
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