Visa Adds Monad to Its Stablecoin Settlement Program, but MON Sits Near Its Low Before the Nov 24 Unlock

Visa just added Monad to its stablecoin settlement program. It was announced on Monday, November 10. Banks and payment companies that work with Visa can now settle what they owe Visa in stablecoins on the Monad blockchain. That's a real name on the list. The token, MON, didn't exactly party about it: it was around $0.0165 at 4:55pm ET, not far off its all-time low, with a big token unlock coming on November 24.

Published November 10, 2026, evening ET. Live MON price: our live crypto page.

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The numbers

What Visa actually did

Visa runs a program where card issuers and acquirers (the companies on both ends of a card payment) can settle with Visa using stablecoins instead of a normal bank wire. Monad is now one of the blockchains they can do that on. The Monad Foundation's pitch is simple: blockchains don't close on weekends. Regular card settlement runs on a five-business-day banking schedule, so money sits still on Saturdays and holidays. On a chain it can keep moving.

Monad isn't the only one. Ethereum, Solana, Avalanche, Stellar, Base, Polygon, Canton, Circle's Arc and Tempo are already in. Visa's Dan Roesbery said the goal is to give partners "the flexibility to settle on the blockchain networks that best meet their needs." So this is Monad joining a club, not getting an exclusive deal.

How big is Visa's stablecoin settlement?

The numbers depend on which date you look at, so here are both. On September 8, Visa said its stablecoin settlement was running at more than $20 billion a year, over 15 times a year earlier. On its October 27 earnings call, CEO Ryan McInerney put it above $25 billion a year. Some articles quote the $20B, some the $25B, and they're both right for their date.

One thing to be clear on: that's Visa's total across all chains. Nobody has said how much of it will actually go through Monad. Could be a lot, could be a trickle at first. Next to Visa's regular card business, it's still small.

Private Settlement isn't live yet

You'll see "private settlement" in a lot of headlines today, so here's where that actually stands. Category Labs published the design for Monad's Private Settlement on October 6 (we wrote about it in our October Monad roundup). The idea is that a bank's transactions stay encrypted and hidden by default, but auditors and regulators can be given access to see them. Think payroll, supplier payments, that kind of thing.

It's a published design working with early partners. It is not live. The Monad Foundation says it's expected "in the coming months." So Visa settlement on Monad works today, the privacy part doesn't yet.

Why MON is still down

Good news, red chart. MON has been sliding for weeks. Coinbase had it at about $0.0244 on October 10 and $0.0275 on October 12. At $0.0165 now, that's roughly a third lower in a month, and about 40% off the October 12 level. CoinGecko lists its all-time low at about $0.0153, so it's only around 8% above that.

The big thing hanging over it is the November 24 unlock, one year after mainnet. That's when the first big chunk for the team, investors and Category Labs' treasury unlocks all at once. The trackers don't agree on the size:

• DefiLlama: about 17.105 billion MON
• CoinMarketCal (via TradingView): about 16.8 billion
• Tokenomics.com: about 16.61 billion

Whichever one is right, it's more MON than is circulating right now (about 11.8 billion, per CoinGecko). Unlocked doesn't mean sold, and plenty of unlocks pass quietly. But the market tends to get nervous before them, and that's what this looks like. We explained how it works in What is Monad and the MON unlock, and we'll update that article closer to the date.

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What to watch

• Whether Visa or any issuer says how much is actually settling on Monad.
• A launch date for Private Settlement.
• The November 24 unlock, and whether those tokens move to exchanges.

New to Monad? Start with how to add Monad to MetaMask, or see what's being built in Monad hits $1 billion TVL. You can watch MON live on our crypto prices page.

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Want the bigger picture on why stablecoins and payments keep colliding? The Cryptopians by Laura Shin is a good read on how this whole world got built.

FAQ

Did Visa add Monad?

Yes. On November 10, 2026, Monad was added to Visa's stablecoin settlement program, so participating issuers and acquirers can settle with Visa in stablecoins on Monad.

Is Monad Private Settlement live?

No. It's a published design (October 6) with early partners, expected "in the coming months."

How big is the November 24 MON unlock?

Trackers say about 16.6 billion to 17.1 billion MON.

This is news, not financial advice.