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Visa has added another chain to its stablecoin settlement program. On 10 November 2026 the Monad Foundation announced that Visa now supports the Monad network for stablecoin settlement, so participating issuers and acquirers can settle their Visa obligations in stablecoins on Monad (Monad Foundation release via GlobeNewswire).
The release crossed at 10:47 ET, after The Block reported the addition as an exclusive at 09:00 ET (The Block). The announcement also tied the move to a privacy feature Monad says will reach institutions in the coming months (same release).
This post covers what changed, how Visa stablecoin settlement works for card programs, where Monad sits among Visa's supported chains, what Private Settlement actually is today, and what issuers should check before switching rails. For the bigger picture of card settlement onchain, see the infrastructure behind stablecoin cards.
Key Takeaways
- Visa added Monad as a stablecoin settlement network on 10 November 2026 for participating issuers and acquirers.
- Visa's annualized stablecoin settlement run rate was $25 billion as of September 2026, up roughly 10x year over year.
- Visa has more than 225 stablecoin-linked card programs live, and its settlement program already runs on chains such as Ethereum, Solana, Stellar, Base and Tempo.
- Monad is EVM-compatible, so issuers with Ethereum custody and compliance tooling can usually extend it rather than rebuild.
- Monad's Private Settlement, which would let institutions hide settlement details while giving auditors access, is a design that is not live yet.
What did Visa and Monad announce?
Visa added Monad as an option for settlement over a blockchain, giving participating issuers and acquirers another network on which to settle Visa obligations in stablecoins (Monad Foundation release). Merchants and cardholders see no change; the switch happens in the back-office flow between card institutions and Visa (same release).
Dan Roesbery, Visa's vice president of global onchain partnerships and go-to-market, said: "Our goal is to give our partners the flexibility to settle on the blockchain networks that best meet their needs" (Monad Foundation release). Keone Hon, co-founder and general manager of the Monad Foundation, said the next phase "will be defined by whether institutions can keep sensitive flows confidential without leaving open networks" (same release).
How does Visa stablecoin settlement work for card programs?
Visa stablecoin settlement lets a card issuer or acquirer pay or receive the money it owes Visa after card transactions in stablecoins over a blockchain, instead of only through bank wires. Traditional card settlement runs on a five-business-day banking schedule, while onchain settlement can move on weekends and holidays (Monad Foundation release).
In a typical stablecoin-linked card program, the flow looks like this:
- Spend: a cardholder pays a merchant with a Visa card, often funded from a stablecoin balance.
- Obligation: Visa calculates what the issuer owes for the day's transactions.
- Settle: the issuer sends stablecoins to Visa on a supported chain, such as Monad, instead of a bank wire.
- Convert: Visa handles the conversion side, so the merchant and acquirer flow stays in normal currency.
- Repeat: the cycle runs daily, including weekends and holidays, because the chain does not close.
Issuers have to fund settlement before they collect from cardholders, and some early programs need only a few million dollars drawn and repaid daily, according to Visa's financing explainer as summarized by crypto.news. Stablecoin Insider covered how Visa paired that need with onchain credit in Visa's $20B stablecoin settlement and onchain lending update.
How big is Visa's stablecoin settlement business now?
Visa's stablecoin settlement is running at about $25 billion a year. The release cites a $25 billion annualized run rate as of September 2026, up roughly 10x year over year, and more than 225 stablecoin-linked card programs live globally (Monad Foundation release).
Some coverage used an older $20 billion figure, up more than 15x, which Visa disclosed on 8 September; CEO Ryan McInerney put the run rate above $25 billion on the 27 October earnings call and said Visa supported 10 blockchains across all five of its regions (crypto.news).
| Metric | Figure | Source |
|---|---|---|
| Annualized stablecoin settlement run rate | $25 billion (Sept 2026), about 10x YoY | Monad release |
| Earlier disclosed run rate | $20 billion, more than 15x YoY (8 Sept 2026) | crypto.news |
| Stablecoin-linked card programs live | More than 225 | Monad release |
| Cards and markets | 5 million cards in more than 50 countries | crypto.news |
| Card-program volume growth | More than 150% YoY | crypto.news |
| Traditional card settlement cycle | Five business days over banking rails | Monad release |
Where does Monad fit among Visa's settlement chains?
Monad joins a list that already includes Avalanche, Ethereum, Solana, Stellar, Circle's Arc, Base, Canton, Polygon and Tempo, with the last five added in April (The Block). Its pitch is EVM compatibility plus speed: the foundation lists 10,000 transactions per second, 400ms block times, 800ms finality and more than 200 validators across 30+ countries (Monad Foundation release).
| Question for an issuer | What Monad offers | Why it matters |
|---|---|---|
| Can existing tooling be reused? | Fully EVM-compatible (release) | Ethereum custody, wallet and compliance stacks can usually be extended |
| How fast is final settlement? | 800ms finality claimed (release) | More predictable settlement cycles for acquirers |
| Does it run on weekends? | Yes, like every onchain option (release) | Less idle prefunding over holidays |
| Can amounts stay private? | Planned Private Settlement, not live (Monad blog) | Banks often cannot publish client flows |
| Is USDT liquidity there? | USDT0 went live on Monad in 2025 | Settlement asset choice depends on the issuer |
On the asset side, Tether's omnichain USDT0 has been on the network since late 2025, which Stablecoin Insider covered in Tether's USDT0 live on Monad. Which stablecoin each program settles in is set between the issuer and Visa, and the release does not name one.
What is Monad Private Settlement, and is it live?
No, it is not live. Category Labs introduced Monad Private Settlement on 6 October 2026 and describes it as "a published design" that it is building with early design partners and operators (Monad blog).
The design lets a business run its own encrypted execution domain on Monad, choosing its validators, permitted assets and access policies, with access denied by default and scoped access for auditors and regulators (Monad blog). Domains would stay connected to Monad's shared liquidity, and two-way transactions would settle atomically (same source).
Visa has tested the same problem elsewhere. In June it ran a proof of concept with Brale on Canton to settle using Brale's dollar-backed SBC token while limiting who sees sensitive data (The Block), which Stablecoin Insider covered in Visa and Brale's private settlement test on Canton. For other approaches, see the best privacy solutions for stablecoin payments.
Stablecoin Insider's take
Stablecoin Insider's take: Visa is building a multi-chain settlement layer and treating blockchains as interchangeable rails, the way it treats correspondent banks. Each new chain matters less on its own than the pattern: Visa wants issuers to settle wherever their stablecoin balances already sit, so they do not pay to move money just to settle.
For Monad, the Visa listing is distribution, but the real test is the privacy layer. Banks and large issuers have said for years that public settlement leaks commercially sensitive data. If Private Settlement launches with regulator access that supervisors accept, Monad has a case that most other chains on Visa's list do not yet make. If it slips, Monad is one more fast EVM option in a crowded set.
What issuers should check before switching: which stablecoins Visa accepts on Monad, cut-off times and conversion terms, custody support for the network, and how reconciliation files map to onchain transfers.
Running a stablecoin card program? Compare settlement rails, funding needs and reconciliation in one guide.
FAQ
What did Visa announce with Monad?
Visa added the Monad network as a stablecoin settlement option on 10 November 2026, so participating issuers and acquirers can settle Visa obligations in stablecoins on Monad.
Does Visa Monad settlement change anything for cardholders?
No. Cardholders and merchants use Visa as usual. The change sits in back-office settlement between card institutions and Visa.
Which other blockchains does Visa use for stablecoin settlement?
Reported networks include Avalanche, Ethereum, Solana, Stellar, Circle's Arc, Base, Canton, Polygon and Tempo, now joined by Monad.
Is Monad Private Settlement available?
Not yet. It is a published design that Category Labs is building with early partners. Monad says privacy functionality will follow in the coming months.
How big is Visa's stablecoin settlement volume?
Visa reported an annualized run rate of $25 billion as of September 2026, roughly 10x a year earlier, with more than 225 stablecoin-linked card programs live.
Which stablecoin is used for settlement on Monad?
The announcement does not name one. The settlement asset is agreed between each participating issuer or acquirer and Visa.
What happens next?
Next come the first live programs. The signals to watch are which issuers and acquirers name Monad as their settlement rail, which stablecoins Visa accepts there, and whether Private Settlement ships in the coming months as promised. Stablecoin Insider will track Visa's next run-rate disclosure and any program that settles on Monad.
This content is provided for informational and educational purposes only and doesn't constitute financial, investment, legal or tax advice. Nothing here is a recommendation to buy or sell MON, V shares, any stablecoin or any other digital asset. Monad's Private Settlement is a published design and is not live. Do your own research and speak to a licensed adviser before making investment decisions.
