Shares of Circle Internet Group (NYSE: CRCL) popped on Tuesday after Visa (NYSE: V) launched a new stablecoin settlement service in the U.S.
By the close of trading, Circle’s stock price was up nearly 10%.
Image source: Getty Images.
Visa’s banking partners will soon be able to settle their obligations in Circle’s fully reserved, dollar-denominated stablecoin, USDC (CRYPTO: USDC). The new settlement offering promises faster fund transfers via blockchain technology, with availability on weekends and holidays, and with no change to the card user experience.
“Visa is delivering a reliable, bank‑ready capability that improves treasury efficiency while maintaining the security, compliance, and resiliency standards our network requires,” Visa executive Rubail Birwadker said in a press release.
Cross River Bank and Lead Bank will serve as the initial banking partners for the new settlement service. Visa intends to roll out the offering to more of its clients in 2026.
Visa is also working with Circle to design Arc, a highly scalable new Layer 1 blockchain. Visa intends to operate a validator node and use Arc for USDC settlement once the network goes live.
The digital payments titan also noted that its annualized stablecoin settlement volume has already surpassed $3.5 billion.
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