VISA Expands USDC Settlement Pilot to Solana Blockchain
Good news for VISA users! Today, VISA announced that it’s taking its USDC settlement pilot to the Solana blockchain network. This move is expected to bring enterprise-grade throughput at almost no cost for all Visa issuers and merchant acquirers on Solana.
To make this possible, VISA is collaborating with merchant acquirers Nuvei and Worldpay. They have successfully conducted live pilot programs, transferring millions of USDC (USD Coin) across the Solana and Ethereum blockchains to settle fiat-denominated payments approved over VisaNet.
When you use your VISA card at any VISA-accepting merchant worldwide, you enjoy instant payment authorizations. However, behind the scenes, the funds are yet to move between your bank and the merchant’s bank.
With the help of blockchain platforms like Solana, VISA aims to reduce settlement periods for cross-border payments. Cuy Sheffield, Head of Crypto at Visa, stated that leveraging stablecoins like USDC and blockchain networks like Solana and Ethereum allows for faster cross-border settlement and a modern way to send or receive funds from Visa’s treasury.
VISA and Stablecoin Settlements
VISA and Mastercard have been actively adopting blockchain and stablecoin technology. VISA, in particular, aims to establish expertise in converting between traditional fiat currencies and tokenized equivalents like stablecoins. The company is also investing in global settlements involving both digital assets and fiat currencies.
By integrating with Ethereum and exploring partnerships with blockchain networks like Solana, VISA is at the forefront of digital currency and blockchain innovation, revolutionizing the way money is moved.
Hot Take: VISA’s expansion to Solana shows its commitment to leveraging blockchain technology for faster and more efficient payment settlements. This move could pave the way for wider adoption of cryptocurrencies and stablecoins in the mainstream financial industry.
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