Visa Expands Stablecoin Settlement to Solana Blockchain
Visa recently announced that it is expanding its stablecoin settlement capabilities to include the Solana blockchain. This move comes after successfully operating a pilot program on the Ethereum blockchain. Visa collaborated with merchant acquirers Worldpay and Nuvei for these pilot programs.
Solana’s Transaction Throughput
Solana’s impressive transaction throughput, which refers to its ability to process a high volume of transactions per second, makes it an ideal choice for stablecoins. Solana co-founder and CEO Anatoly Yakovenko expressed his desire for Solana to be cost-effective for Visa and provide an enhanced user experience. Circle co-founder and CEO Jeremy Allaire also highlighted the advantages of Visa as a real-time payments network over Swift. The pilot program demonstrates that the use of stablecoins like USDC extends beyond retail users and has wholesale applications as well.
Hot Take
Visa’s expansion of stablecoin settlement to the Solana blockchain signifies the growing acceptance and adoption of cryptocurrencies in mainstream financial systems. This move not only showcases the potential of blockchain technology but also highlights the benefits of using stablecoins for various payment applications, including retail and wholesale transactions. As more companies and financial institutions explore the use of stablecoins, the future of digital currencies looks promising, offering faster, cost-effective, and secure transactions.
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