Visa Adds Monad to Stablecoin Settlement Program
Visa has added Monad to its stablecoin settlement program, letting participating issuers and acquirers settle Visa obligations on the network. The change is back-end settlement, not a checkout option, and no stablecoins or first users were named.
Card issuers and acquirers in Visa's stablecoin settlement program now have another blockchain to settle on. Visa has added Monad, letting participating institutions settle their Visa obligations in stablecoins on the network, a change Monad confirmed in a Nov. 10 post.
The change sits on the back end of card payments. It covers money moving between financial institutions and Visa after transactions clear, not a new checkout option for shoppers. Nor does it automatically mean merchants receive stablecoins.
Dan Roesbery, Visa's vice president of global onchain partnerships and GTM, said in a statement:
"Adding support for Monad expands the options available to our partners and is another step toward building a multi-chain settlement infrastructure for stablecoin-enabled payments,"
Dan Roesbery, Visa
What the announcement leaves out
The initial report does not specify which stablecoins will be supported on Monad, and it names no institution as a first user. Without those details, it is unclear how soon any settlement volume will flow through the network.
The program behind it
On the Oct. 27 earnings call, CEO Ryan McInerney said Visa's annualized stablecoin settlement run rate had passed $25 billion, up tenfold from a year earlier. Visa had reported a $20 billion run rate on Sept. 8. That figure is a program-wide annualized pace. It is not cumulative volume, and it says nothing about activity on Monad.
McInerney also said Visa supported 10 blockchains, with settlement services in all five regions. He cited more than 225 stablecoin-linked card programs covering 5 million cards in over 50 countries, with card-program volume up more than 150% year over year.
Chain counts differ between accounts. One says Visa's April expansion brought the pilot to nine chains: Arc, Base, Canton, Polygon, Tempo, Avalanche, Ethereum, Solana and Stellar. Monad would be additional to that April list.
Monad's Private Settlement design, introduced by Category Labs on Oct. 6, is a published design that is not yet live.
Context
The addition continues a steady build-out. Visa's December 2025 U.S. launch offered seven-day settlement, with Cross River Bank and Lead Bank settling in USDC over Solana. A July 2025 expansion added USDG, PYUSD and EURC. On Sept. 30, Visa said Lloyds had settled $750,000 of live obligations in a seven-day pilot using USDC, with funds reaching Visa in under an hour, as we reported. Visa has also moved its Visa Direct USDC prefunding into production.
Competition is in play as well. On June 3, Mastercard announced plans for intraday, weekend and holiday settlement covering fiat and regulated stablecoins across eight networks. One outlet's summary says the Visa expansion raises questions about regulatory challenges and network reliability, though it gave no detail.
For now, the practical test is whether issuers and acquirers actually route settlement through Monad.
