Visa has enabled U.S. issuer and acquirer banks to settle VisaNet obligations in Circle’s USDC on the Solana blockchain, reaching an annualized settlement run rate of $3.5 billion as of November 30, 2025. The initiative targets merchant payouts, cross-border transfers and corporate treasury flows, introducing near-instant, 24/7/365 settlement finality as a structural alternative to traditional multi-day clearing cycles.
Operational impact of USDC settlement on Solana
Stablecoin settlement introduces materially different operating parameters for bank treasuries and payment operators. Because USDC is a dollar-pegged digital token and settlement occurs on a blockchain, transfers can achieve near-instant finality around the clock, compressing legacy five-business-day clearing windows into continuous 24/7/365 capacity.
Visa highlights a shift from five-day to seven-day operational settlement capability, supported by substantially shorter intraday completion times. For corporate treasuries and issuers, this model reduces pre-funding requirements, lowers reconciliation overhead and limits liquidity drag across cross-border payrolls and merchant disbursements.
Solana was selected for its high throughput and low transaction costs, aligning the rail with high-volume, speed-sensitive use cases. Early adopters such as Cross River Bank and Lead Bank validate the operational readiness of the model, and Visa plans broader partner bank onboarding through 2026 to scale settlement on this rail.
Operational benefits extend beyond speed and cost. By reducing intermediaries and executing flows on Solana, Visa points to lower per-transaction fees and enhanced end-to-end traceability, which simplifies audit trails and reduces manual reconciliation overhead for custodians and settlement teams.
Visa’s choice of Circle’s USDC reflects explicit risk-management priorities around reserves and regulatory posture. Circle provides monthly attestations and backs USDC predominantly with cash and U.S. Treasury securities, a reserve design intended to mitigate liquidity and credit concentration risk for banks holding the token as a settlement asset.
The stablecoin ecosystem has already faced real-world stress tests, including USDC’s temporary de-pegging in March 2023 linked to Silicon Valley Bank exposure. Circle’s subsequent reserve diversification and protocol adjustments are referenced as mitigants aimed at reducing the probability and impact of similar shocks in future settlement operations.
Visa positions the program within a multi-stablecoin, multi-chain architecture to avoid concentration risk and future-proof the rail. Alongside USDC on Solana, the company signals support for euro-backed EURC and potential integrations with other tokens on networks such as Ethereum, Stellar and Avalanche.
For compliance and risk teams, the operating model elevates the importance of reserve transparency, counterparty due diligence and dual-track recordkeeping. Banks and payment providers must maintain robust records for both on-chain and off-chain flows and reconcile blockchain-based settlement with fiat accounting and reporting systems.
Visa has also established a Global Stablecoins Advisory Practice within its consulting arm to guide clients through integration and governance. This advisory capability is designed to help banks and fintechs translate stablecoin settlement into concrete policies for KYC/AML, record retention, contingency planning and regulatory engagement.
The U.S. rollout of USDC settlement on Solana functions as a live proof of concept with tangible liquidity and process benefits for issuers, acquirers, treasuries and custodians. At the same time, it concentrates supervisory and industry attention on reserve practices, operational resilience and contingency frameworks that must underpin token-based settlement at scale.
