Visa Canada (NYSE: V) and Wealthsimple announced a pilot program to enable stablecoin settlement in the Canadian market. The collaboration allows Wealthsimple to settle certain obligations with Visa Canada using USD Coin (USDC), marking the first stablecoin settlement program in Canada.

The pilot extends Visa's global stablecoin settlement capabilities, which the company reports have reached a $7 billion annualized run rate in settlement volume as of March 2026. Visa operates similar stablecoin settlement programs across Latin America, the Caribbean, Europe, Asia Pacific, and Central Europe, Middle East and Africa.

"Visa was one of the first major payment networks in the world to settle transactions in stablecoin," said Michiel Wielhouwer, President and Country Manager at Visa Canada. The program enables seven-day settlement cycles, extending beyond traditional five-day settlement periods.

The pilot integrates blockchain-based settlement with Visa's existing payment infrastructure while maintaining security and compliance standards. Wealthsimple becomes the first Canadian financial institution to participate in Visa's stablecoin settlement program.

"Wealthsimple is proud to be the first Canadian financial institution to bring this capability to life with Visa," said Hanna Zaidi, VP Payments Strategy and Chief Compliance Officer at Wealthsimple.

Wealthsimple serves 4 million Canadians and holds $100 billion in assets under administration. The Toronto-based company was founded in 2014 and offers investment management, trading, cryptocurrency, tax filing, and banking services.

The information is based on a joint press release from both companies.