Cross River and Highnote Launch Stablecoin Settlement Capability in Visa Pilot

New initiative brings USDC settlement into a production environment for enterprise payment flows and real-time money movement

FORT LEE, NJ AND SAN FRANCISCO, CA — December 16, 2025 —Cross River Bank (“Cross River”) a technology infrastructure provider that offers embedded financial solutions, today announced a new stablecoin settlement capability with Highnote, the unified platform for issuing, acquiring, credit and real-time money movement, as part of Visa’s stablecoin settlement pilot program. The initiative introduces USDC settlement over the Solana blockchain into a production environment where enterprise payment activity benefits from faster clearing and new possibilities for continuous settlement.

“For stablecoins to realize their full potential they must operate within unified systems. Cross River’s infrastructure is built to bring onchain settlement safely into mainstream financial services,” said Luca Cosentino, Head of Crypto at Cross River. "Our collaboration with Visa and Highnote will enable card issuers to settle network activity seven days a week, demonstrating how this innovation can be implemented effectively in real-world environments."

Stablecoin settlement is rapidly shifting from concept to real-world impact. This collaboration marks a shift from theoretical promise to practical implementation, bringing onchain settlement directly into the systems where businesses already issue cards, accept payments, and manage funds at scale. For the first time, U.S. issuer and acquirer partners can settle with Visa in USDC, a fully reserved, dollar-backed stablecoin—unlocking near-instant funds movement and seven-day settlement availability, improving capital efficiency and economics of card programs, all without any change to the consumer card experience.

“Stablecoin settlement matters when it delivers practical advantages in real payment settings that benefit customers,” said John MacIlwaine, CEO of Highnote. “The future of payment operations is faster, simpler, and always on. Offering this capability at Highnote moves us toward that reality by enabling continuous value movement with more efficient reconciliation. Our unified platform supports this evolution across issuing, acquiring, and money movement, strengthened by the reach and regulatory support of Cross River and Visa.”

Cross River recently launched its stablecoin payments offering, unifying fiat and stablecoin flows through a single, interoperable system The Highnote program focuses on stablecoin settlement performance in live payment flows, including settlement speed, reconciliation accuracy, and overall operational impact for issuing and acquiring programs powered by Highnote and supported by Visa.

The stablecoin settlement capability is introduced through a structured launch with bank supervision and defined settlement parameters. USDC settlement takes place on the Solana blockchain within a secure and compliant framework designed to evaluate how stablecoins can support faster settlement cycles and improved treasury management.

Services are currently only available in limited states.

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About Highnote

Highnote is the unified platform for embedded finance, built for modern card issuance, acquiring, credit, and real-time money movement. Designed from the ground up, Highnote combines elegantly intelligent architecture with powerful developer tooling to deliver seamless, branded financial experiences. With built-in ledgering, integrated payment capabilities, and complete program management, Highnote empowers fintechs, vertical SaaS providers, and enterprises to launch differentiated embedded payments experiences that stand out in any market. Headquartered in San Francisco, Highnote is redefining the standard for modern financial products. Visit highnote.com for more information.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.