In a wild and daring move, global payments firm Visa has expanded its stablecoin settlement capability to include USDC tokens issued on the Solana blockchain. This marks a significant step in Visa’s stablecoin offering, as it ventures into the exciting world of decentralized finance.
Visa has been conducting live and completed pilots with issuers and acquirers, moving millions of USDC between partners across the Ethereum and Solana blockchains to settle fiat-based payments. This integration of USDC into Visa’s ecosystem allows for the bridging of traditional finance with the decentralized Web3.
Cuy Sheffield, Visa’s head of crypto, believes that tapping into stablecoins like USDC and blockchains like Ethereum and Solana will greatly improve the speed of cross-border settlement. This is a game-changer for the payments industry, as it eliminates the need for multiday currency conversion processes and reduces wire transfer fees.
Visa’s partnership with Crypto.com has been instrumental in testing stablecoin settlement on the issuance side. The use of USDC has streamlined cross-border volume on Crypto.com’s Australian card program, making settlements faster and more efficient.
The integration of USDC also benefits Visa’s acquirers, such as Worldpay and Nuvei, by decreasing settlement times for merchants using their services. This opens up new opportunities for merchants to receive funds and manage their treasury operations more effectively.
Overall, Visa’s expansion into stablecoin settlement on the Solana blockchain is a bold move that has the potential to revolutionize the payments industry. By leveraging the power of decentralized finance, Visa is paving the way for faster, more secure, and more cost-efficient cross-border transactions.
Summary:
– Visa expands stablecoin settlement capability to include USDC on Solana blockchain
– Live and completed pilots with issuers and acquirers
– Integration of USDC into Visa’s ecosystem bridges traditional finance with Web3
– Improves speed of cross-border settlement
– Partnership with Crypto.com streamlines settlements on Australian card program
– Benefits acquirers like Worldpay and Nuvei by decreasing settlement times for merchants
– Bold move with potential to revolutionize payments industry
