Visa Expands Stablecoin Settlement Capabilities to Include Solana Blockchain
Visa has recently announced its expansion of stablecoin settlement capabilities to include the Solana blockchain, in addition to its existing capabilities on Ethereum. This move aims to speed up cross-border settlements and provide a stablecoin payment option for clients. By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, Visa is improving the speed of cross-border settlement and offering a modern option for clients to easily send or receive funds from Visa’s treasury.
Visa has partnered with merchant acquirers Worldpay and Nuvei to conduct pilot programs. As part of these live pilots, Visa has already settled fiat-denominated payments authorized over VisaNet by moving millions of USDC between its partners over the Solana and Ethereum blockchain networks.
Worldpay and Nuvei, fintech companies serving merchants across various sectors, expect to offer merchants the option to receive payments in stablecoins like USDC with Visa’s support. This announcement also positions Visa as one of the first major payment companies to include Solana as a supported blockchain for settlements.
Hot Take:
Visa’s expansion of stablecoin settlement capabilities to the Solana blockchain demonstrates its commitment to innovation and meeting the evolving needs of its clients. By embracing blockchain technology and leveraging stablecoins, Visa is paving the way for faster and more efficient cross-border transactions. This move also highlights the growing acceptance and adoption of cryptocurrencies in the mainstream financial industry. As more major payment companies follow Visa’s lead, we can expect to see further advancements in the use of blockchain and stablecoins in global transactions.
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