Visa announced new initiatives utilizing stablecoin USDC">USDC and the Solana blockchain network. This represents Visa’s growing embrace of cryptocurrencies for improving payment speeds and efficiency.
Visa is working with merchants and acquirers Worldpay and Nuvei to enable settlement in USDC rather than fiat currency. USDC is a stablecoin pegged to the U.S. dollar, making it a convenient on-ramp between traditional finance and crypto.
The news drove a 4% gain for Solana’s SOL token, as Visa looks to leverage Solana’s speed for cross-border transactions. Visa’s head of crypto Cuy Sheffield cited benefits like faster settlement times.
Visa initially collaborated with Crypto for USDC settlement. The company previously pursued crypto debit cards with FTX, but slowed efforts after FTX’s collapse.
Now Visa is actively expanding crypto and blockchain integrations. Last month it unveiled an Ethereum solution for paying gas fees with Visa cards.
As a payments leader, Visa’s growing crypto presence validates blockchain and digital assets as the future of finance. With solutions like USDC and Solana, Visa is bridging traditional systems with the world of crypto and DeFi.
#Visa #Cryptocurrency #USDcoin #Stablecoin #Solana
