Overview
- Visa, which added Monad on Tuesday, Nov. 10, now allows participating issuers and acquirers to settle Visa obligations in supported stablecoins on the Monad blockchain.
- Visa reported an annualized stablecoin settlement run rate of about $25 billion on its Oct. 27 earnings call, a rapid rise that reflects activity across all supported chains rather than settlement volume specific to Monad.
- Monad has published a Private Settlement design that would encrypt institutional transaction details and let institutions control access, but the feature is not in live production and its rollout timetable is unconfirmed.
- Live pilots such as Lloyds Banking Group’s September seven-day USDC trial that settled $750,000 in under an hour show technical feasibility for blockchain settlement but do not prove immediate material volumes for a newly listed chain.
- Operational and compliance questions remain and should be watched next, including which issuers and stablecoins go live on Monad, how daily funding and reconciliation will work, and how auditors and regulators will gain required access to encrypted records.