Visa Expands Digital Currency Settlement with USDC and Solana
Visa, the payments giant, is enhancing its capabilities for digital currency settlement. In a recent announcement, Visa revealed its plans to utilize the dollar-pegged stablecoin USDC and blockchain networks like Solana to facilitate faster cross-border payments. By partnering with Solana, Visa aims to take advantage of its faster transaction speeds as compared to Ethereum. Solana can process up to 65,000 transactions per second, while Ethereum can only handle about 30 transactions per second.
Streamlining Cross-Border Transactions with USDC
Visa is currently piloting the use of USDC for payouts to merchant acquirers, Worldpay and Nuvei. These acquirers can then offer merchants the option to receive funds in USDC or convert them to fiat currency. Visa has its own USDC account, which will be used to pay Worldpay and Nuvei, allowing them to send USDC directly to merchants. By leveraging stablecoins and blockchain networks, Visa aims to enhance cross-border settlement speed and provide a modern payment option.
Hot Take: Visa’s Adoption Boosts Solana’s Price
Visa’s decision to adopt USDC and Solana for digital currency settlement has already had an impact on the market. Following the announcement, Solana’s price experienced a modest increase of 1.3% within the first two hours of trading. This highlights the growing acceptance and recognition of digital solutions in the financial industry.
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