Visa Expands Stablecoin Settlement Capabilities on Solana Network
You can now expect faster and more efficient cross-border money transfers as Visa announces its plans to expand its stablecoin settlement capabilities using the Solana (SOL) network. Through a successful pilot with Crypto.com, Visa will launch a new cross-border money system using Circle’s USDC on Solana.
Visa has already moved millions of USDC between its partners on both Solana and Ethereum over VisaNet, its online payment processing system. By leveraging stablecoins like USDC and blockchain networks like Solana and Ethereum, Visa aims to improve the speed and convenience of cross-border settlements.
Cuy Sheffield, Visa’s head of crypto, explains that this move aligns with Visa’s commitment to digital currency and blockchain innovation. With Solana’s high speed and high throughput infrastructure, Visa believes it is well-suited to meet the demand for fast and cost-effective stablecoin transactions.
Hot Take: Visa’s adoption of Solana solidifies the network’s position in the blockchain industry and demonstrates the growing importance of stablecoin settlements in the global financial landscape.
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