Visa launched its Stablecoin Platform in mid-July 2024, giving banks a managed toolkit to mint, burn, and move stablecoins without building from scratch. Around the same time, SBI Holdings and the Solana Foundation announced a venture to build a domestic on-chain financial market in Japan, using JPY stablecoins and tokenized assets. Ramp opened stablecoin accounts to over 70,000 businesses, letting them hold and pay in USDC or USDT across networks including Solana. On-chain monitors flagged a 250,000,000 USDC mint at the Solana treasury address in July.
Why Solana for stablecoins
Solana's Sealevel runtime executes transactions in parallel, which reduces waiting and keeps costs stable. The network has local fee markets that prevent unrelated activity from spiking fees. Confirmation times are in seconds, making the chain suitable for daily operations like invoices, payroll, and payments. Enterprise stablecoin rails on Solana are already being used for invoices, payroll, and cross-border payables.
Visa's toolkit for banks
Visa's platform is a managed service. Banks get a way to run stablecoin lifecycles — minting, burning, and moving tokens — without having to build the infrastructure themselves. The toolkit is aimed at financial institutions that want to issue or use stablecoins but lack the in-house blockchain expertise. Visa did not name any initial bank partners in the announcement.
Ramp's business accounts
Ramp opened stablecoin accounts to more than 70,000 businesses. The accounts allow companies to hold and pay in USDC or USDT across multiple networks, including Solana. The accounts slot into existing payables workflows, meaning businesses can integrate stablecoin payments without overhauling their accounting systems. The transaction flow involves a treasury creating a wallet, acquiring USDC, feeding payment details from an ERP, broadcasting the transaction, on-chain transfer, reconciliation, and off-ramp.
The SBI-Solana partnership
SBI Holdings and the Solana Foundation plan to build a domestic on-chain financial market in Japan. The venture will use JPY stablecoins and tokenized assets. The partnership suggests compliant fiat on-ramps and off-ramps in Japan, a country with strict financial regulations. SBI is a major financial group, and the Solana Foundation brings the blockchain infrastructure. No timeline for the market's launch was given.
The 250 million USDC mint at the Solana treasury address in July signals that Circle, the issuer of USDC, is increasing supply on the network. That mint could be tied to demand from the enterprise integrations announced around the same time. Visa, SBI, and Ramp are all building on Solana, but each targets a different piece of the stablecoin ecosystem: banks, domestic markets, and business payments.
What remains unclear is how these pieces will connect. Visa's platform is global, SBI's venture is Japan-specific, and Ramp serves businesses worldwide. Whether they share common standards or interoperate is not yet public. The next step will likely be seeing which banks actually use Visa's toolkit and when SBI's on-chain market goes live.
