2023-09-05 15:01:16
Visa, the global payments giant, has announced which has expanded its stablecoin settlement capabilities to include the Solana blockchain, in addition to the existing Ethereum network. This means that Visa can now support USDC, a popular dollar-pegged stablecoin, on both Solana and Ethereum, two of the most widely used blockchains in the crypto space.
Visa and Solana Strengthen their relationship
Visa said it has partnered with Worldpay and Nuvei, two financial technology companies that serve merchants in various industries, to offer pilot programs for executing stablecoin payments.
As part of the live pilots, Visa has already moved millions of USDC between its partners through the Solana and Ethereum blockchain networks. to make authorized fiat money-denominated payments through VisaNet, the company’s global payment network.
Cuy Sheffield, head of Visa’s cryptocurrency department, said that the measure aims to improve the speed and efficiency of cross-border payments and provide a modern option for your clients to easily send or receive funds from the Visa treasury.
He also said that Visa is one of the first major payments companies to endorse Solana as a payments blockchain, noting its scalability and low-cost advantages.
Visa’s USDC liquid capacity has allowed Worldpay to incorporate more treasury operations internally, giving merchants a broader range of options for receiving funds. USDC, a stablecoin, represents cutting-edge payment technology that can help online businesses around the world accelerate their growth.
This technology is at the forefront of the payments industry and offers numerous benefits to both merchants and consumers.. Visa has been actively exploring the potential of stablecoins and blockchain technology for its payment services.
In March of this year, the company announced that it had completed its first transaction using USDC on Ethereum to execute a payment with Crypto.com, a cryptocurrency exchange and Visa partner. Since then, Visa said it has seen strong demand from its customers and partners for stablecoin payment capabilities.
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