Visa Expands Stablecoin Settlements on Solana Blockchain
Visa, the payments giant, has recently announced its expansion of stablecoin settlement capabilities on the Solana blockchain. By partnering with Circle’s USDC, Visa aims to offer high-speed performance and revolutionize cross-border payments.
Modernizing Cross-Border Transactions
Visa’s move to utilize Solana at scale makes it one of the first major payment institutions to do so. The company has initiated pilot programs with merchant acquirers Worldpay and Nuvei, enabling their clients to receive settlements in USDC instead of fiat currencies.
Cuy Sheffield, Head of Crypto at Visa, explains that leveraging stablecoins and blockchain networks like Solana and Ethereum improves the speed of cross-border settlement, providing clients with a modern option to send or receive funds easily.
Leading the Way in Stablecoin Settlements
In partnership with Crypto.com, Visa tested the use of USDC within its treasury operations in 2021. This successful pilot allowed Visa to receive payments from Crypto.com for cross-border volume on their card program in Australia, eliminating the need for slow and expensive international wire transfers.
Jeremy Allaire, Co-founder and CEO of Circle, commends Visa’s efforts in driving fundamental blockchain innovation. He believes that combining USDC with Visa’s innovation opens up the future of payments, commerce, and financial applications.
Hot Take: Visa Paving the Way for Crypto Adoption
Visa’s commitment to utilizing stablecoin payments and blockchain technology without the need for fiat currency conversions is a significant step towards making crypto assets more accessible to the masses. By removing this barrier, businesses can embrace stablecoin payments, and individuals can incorporate them into their daily financial transactions.
By
By
By
By
By