Visa Expands Stablecoin Capabilities

The global payments giant announced plans to add support for four stablecoins running on four unique blockchains. McInerney explained that these stablecoins represent two major digital currencies that Visa can process and convert into more than 25 fiat currencies.

“We are adding support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies,” said Visa CEO Ryan McInerney.

Visa already supports USDC, EURC, PYUSD, and USDG on Ethereum, Solana, Stellar, and Avalanche networks. The expansion reinforces Visa’s leadership in integrating blockchain technology into global payment systems.

Stablecoin Transactions Hit Record Growth

According to McInerney, Visa has facilitated over $140 billion in crypto and stablecoin flows since 2020. The company has seen “significant momentum” in this sector as consumer spending through stablecoin-linked cards quadrupled compared to last year.
Monthly transaction volume has now surpassed $2.5 billion, underscoring Visa’s growing impact in bridging traditional finance and decentralized payments.

Banks Can Issue Their Own Stablecoins

Visa is giving banks and financial institutions the tools to mint and burn their own stablecoins. McInerney said this is part of the company’s next development phase on its tokenized asset platform. Through Visa Direct, cross-border transactions will become faster and more transparent. This move is expected to boost stablecoin adoption and accelerate financial integration worldwide.

Visa is also expanding its pilot program that enables pre-funded cross-border payments using USDC and EURC, laying the groundwork for scalable blockchain-based payment infrastructure.

Key Takeaways

• Visa adds four new stablecoins across four blockchains.

• Banks can issue and burn stablecoins via Visa’s tokenized asset platform.

• Stablecoin-linked spending has quadrupled year-over-year.

• Monthly stablecoin volume exceeds $2.5 billion.

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What is Arc?

Arc is a purpose-built, EVM-compatible Layer 1 blockchain designed for stablecoin finance. It uses USDC as its native gas token, offering deterministic sub-second settlement finality, opt-in privacy, and a stable transaction fee architecture. It is optimized for stablecoin-focused use cases such as global payments, FX, and capital markets.

Malachite, a high-performance consensus engine developed by Informal Systems, provides Arc with a fast, secure, and reliable infrastructure. As an open and composable network, Arc seamlessly interoperates with other blockchain ecosystems.

Integration with the Circle platform supports stablecoins like USDC and EURC, as well as the tokenized money market fund USYC. Arc serves as a launchpad for the next phase of financial innovation, offering a reliable infrastructure for both individual users and enterprises.

Purpose of Arc

The global financial system, while foundational to modern commerce, relies on legacy infrastructure that is incompatible with the speed, openness, and programmability of the internet. Cross-border payments are slow, opaque, and expensive; treasury operations are fragmented across jurisdictions and intermediaries; and capital markets are constrained by manual processes and intermediary layers. While blockchain technology promises programmability and transparency, existing public blockchains hinder enterprise adoption due to limitations such as volatile gas tokens, uncertain settlement finality, and lack of privacy. Arc is purpose-built for stablecoin finance to address these gaps. It offers stable fees with USDC, deterministic finality, and opt-in privacy, combining the requirements of traditional finance with the efficiency of blockchain. Arc enhances financial access and capital mobility, particularly in emerging markets, and provides a reliable settlement layer for stablecoin-based applications.

How Does Arc Work?

Arc is a Layer 1 blockchain optimized for stablecoin finance. Its technical infrastructure consists of the following components:

• Malachite Consensus Engine: A Tendermint-based high-performance Byzantine Fault Tolerance (BFT) protocol, offering sub-second (<350ms) deterministic finality and up to 3,000 TPS transaction capacity. With 4 validators, it can achieve 10,000+ TPS and <100ms finality. In the future, multi-proposer support could increase throughput by 10x.

• USDC Native Gas: Gas fees are dollar-denominated in USDC, providing predictable, volatility-free costs. Other local stablecoins and tokenized money can be used as gas via paymaster integration.

• EVM Compatibility: Compatible with Ethereum tools (MetaMask, ethers.js), offering developers a familiar environment.

• Opt-in Privacy: Confidential transfers encrypt transaction amounts while keeping addresses visible. Trusted Execution Environments (TEEs) provide fast, auditable privacy; future integration of MPC and FHE is planned.

• FX Engine: An enterprise-grade RFQ (Request for Quote) system offering 24/7 PvP settlement and price discovery.

• Circle Integration: Mint, CCTP, and Gateway enable fast fiat-to-stablecoin conversion and cross-chain liquidity.

Transaction Flow:

• USDC Transfer: User initiates a low, fixed-fee transfer with USDC → Malachite finalizes in <1 second → Transaction is irreversible.

• Confidential Transfer: User initiates a TEE-based confidential transfer → Amount is encrypted, addresses remain visible → Auditors access via view key.

• FX Transaction: Price is obtained via RFQ → Smart contract executes PvP settlement.

Future Plans:

• Privacy Enhancements: Transition from confidential transfers to private state and confidential computation.

• MEV Mitigation: Encrypted mempool, batch transaction processing, and multi-proposers to prevent harmful MEV.

• PoS Transition: Permissioned PoS for broader validator participation and governance flexibility.

• Performance Optimization: Two-phase Tendermint variant to reduce latency by 30%.

Arc Use Cases

Arc is used in the following areas:

• Global Payments: Low-cost, fast cross-border payments with USDC.

• Foreign Exchange (FX) Transactions: 24/7 PvP settlement and RFQ-based price discovery.

• Capital Markets: Settlement layer for tokenized equities, bonds, private credit, and funds.

• Treasury Management: Low-risk yield with USYC, automated treasury agents.

• Financial Inclusion: Stablecoin-based financial access in emerging markets.

• DeFi: Secure, compliant DeFi protocols with USDC and USYC.

Usage Steps:

1. Connect to Arc via Circle platform or EVM-compatible wallet (e.g., MetaMask).

2. Mint USDC/EURC from fiat or bridge via CCTP.

3. Perform payments, FX transactions, or DeFi interactions with USDC.

4. Earn yield with USYC or transact with tokenized assets.

5. Protect sensitive transactions with confidential transfers.

Advantages of Arc

• Stable Fees: Dollar-denominated, predictable gas fees with USDC.

• Fast Finality: Malachite with <350ms deterministic settlement.

• Privacy: TEE-based confidential transfers, regulatory compliance.

• EVM Compatibility: Easy development with Ethereum tools.

• FX Engine: 24/7 PvP settlement and price discovery.

• Circle Integration: Mint, CCTP, Gateway for liquidity and access.

• High Performance: 3,000 TPS, with 10,000+ TPS in the future.

Arc Tokenomics

Arc uses USDC, EURC, and USYC instead of a native token:

• USDC: Native gas token, dollar-denominated for stable fees.

• EURC: Euro-based stablecoin for global payments.

• USYC: Tokenized yield asset backed by U.S. Treasury securities.

• Distribution: Circle’s Mint and CCTP for fiat-to-stablecoin conversion.

• Economy: Stable fee market inspired by EIP-1559 with fee smoothing. Fees go to the Arc Treasury.

Arc Investors

Arc is supported by Circle; additional investor information is not specified.

Technical Infrastructure of Arc

• Malachite: Tendermint-based BFT, <350ms finality, 3,000 TPS.

• USDC Gas: Dollar-denominated, predictable fees.

• EVM: Compatible with Ethereum tools for development.

• Privacy: TEE-based confidential transfers, with MPC/FHE planned.

• FX Engine: RFQ and PvP settlement.

• Circle Integration: Mint, CCTP, Gateway for liquidity.

Arc Roadmap

Arc’s public testnet is expected in Fall 2025. The mainnet beta launch will include a stable gas fee architecture, sub-second deterministic finality, and the FX engine roadmap. Circle products (CPN, USDC, EURC, USYC, Mint, Wallets, Contracts, CCTP, Gateway, Paymaster) and third-party ecosystem support will be available. Privacy enhancements will evolve from confidential transfers to programmable privacy. MEV mitigation will include encrypted mempool and multi-proposers. A permissioned PoS transition will increase validator diversity.

Arc Team

• Adi Seredinschi: Principal Product Manager.

• Adrian Soghoian: Principal Software Engineer.

• Sanket Jain: Lead Product Manager.

• Rachel Mayer: VP of Product.

• Gordon Y. Liao: Research Director.

• Sterling B: BD Ecosystem Director.

Official Links

• Website
• X (Twitter)
• Whitepaper

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Speaking at a press conference, Rhee told Reuters:

“Issuing a won-based stablecoin could make it easier to exchange with dollar stablecoins rather than reducing reliance on them. That could increase dollar stablecoin demand and make forex management difficult for us.”

These remarks come as newly elected President Lee Jae-myung pushes ahead with promised crypto regulation and amid a decline in the country’s forex reserves.

Declining Forex Reserves

Data from the Bank of Korea shows that forex reserves dropped from $415.6 billion in December to $404.6 billion by the end of May — a decrease of $11 billion in six months.

New Crypto Framework Proposed

On June 10, the ruling Democratic Party introduced the Digital Asset Basic Act, which would allow companies with at least $368,000 in equity to issue stablecoins, pending Financial Services Commission (FSC) approval and sufficient reserves for refunds.

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The FSC is also investigating South Korean exchanges’ trading fees, aligning with President Lee’s promise to lower costs for young investors.

Non-Dollar Stablecoins on the Rise

While US dollar-backed stablecoins dominate the market, Circle’s euro-pegged EURC has seen a 156% surge in market cap this year, reaching $203 million.

Circle’s stock rose sharply after U.S. lawmakers expressed support for the GENIUS Act, a proposed stablecoin regulation bill expected to pass the House.

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Increasing Regulatory Pressure in Europe

As the process of adapting to European crypto regulations accelerates, platforms such as Coinbase Europe, Coinbase Germany, and Coinbase Custody International are preparing to remove non-MiCA-compliant stablecoins from their offerings. Effective December 13, Coinbase will restrict services not only for USDT but also for PAX, PYUSD, GUSD, GYEN, and DAI.

However, Coinbase has confirmed its continued support for USDC, which it co-developed with the U.S.-based Circle, and the Euro-backed stablecoin EURC.

MiCA Compliance Debates

While MiCA’s stablecoin regime came into effect on June 30, the full regulatory framework will be implemented by December 30. In October, Coinbase announced plans to delist non-compliant stablecoins, encouraging users to switch to alternatives like USDC. This shift could negatively impact USDT, which accounts for over $1 billion in daily trading volume on Coinbase.

Tether’s Response

Tether remains committed to maintaining its presence in the European market. The company is working on MiCA-compliant stablecoin solutions and developing technology-focused projects tailored to Europe. Tether has also partnered with Dutch fintech company Quantoz Payments to support new MiCA-compliant stablecoin initiatives.

Tether CEO Paolo Ardoino has expressed criticism of the regulations while emphasizing the company’s innovative approach in the European market. With these efforts, Tether aims to strengthen its position in Europe.

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Like USDC is meant to be tethered to the value of the dollar, EURC is linked to the value of the euro. An email from Coinbase said EURC follows the European Union’s new Markets in Crypto Assets rule, sometimes referred to as MiCA.

There will be no costs associated with the conversions accessible on Coinbase Advanced. While deprecating its current EURC-EUR and EURC-USD order books, Coinbase will also offer a fresh EURC-USDC order book on Aug. 29. The exchange noted, “These changes are meant to enable the most efficient conversion and trading between fiat and stablecoins.”

Though dollar-pegged stablecoins rule the market, euro-pegged stablecoins account for the lion’s share of non-USD stablecoins. Except for dollar-pegged stablecoins, stablecoins linked to the euro account account for around 92% of all stablecoins on Ethereum.

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The post Coinbase Introduces EURC-Euro Conversion at 1:1 Ratio appeared first on Coin Engineer.

The company said in its statement, “EURC can be send, spend, hold, and trade anywhere in the world 24/7 with low-cost, almost instant transactions.” Stellar is the third chain, following the Ethereum and Avalanche networks.

EURC will integrate with assistance payment and cash aid systems like Stellar Aid Assist. Moreover, Circle stated that it will work alongside Stellar to securely provide financial aid to those affected by humanitarian crises that severely impact local services.

Vice President of Circle Product Management, Rachel Mayer, also mentioned; “The launch of EURC on Stellar has the potential to radically improve European remittance corridors, cross-border payments, treasury management, and aid payments.”

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Cheaper and Faster

Circle noted that crypto service provider Ripio in Latin America has expanded to Spain. Along with this, the company indicated that it would add EURC to its in-app crypto wallet through a partnership, allowing users to make euro deposit and withdrawal transactions.

Co-Founder of Ripio, Sebastian Serrano, expressed his excitement, stating; “We are thrilled that people in Spain now have seamless access to digital assets like EURC and can enjoy faster and cheaper transactions worldwide.”

According to CoinMarketCap data, the price of Stellar’s native crypto asset XLM is currently at $0.1115, with the highest being $0.1129 and the lowest at $0.1109 in the last 24 hours.

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