Visa has significantly advanced its stablecoin settlement capabilities by now incorporating USDC issued on the Solana blockchain, building upon its initial Ethereum-based USDC trials that began in 2021. This expansion allows Visa’s treasury and settlement systems to bridge traditional finance with Web3 ecosystems more efficiently.
Visa’s Stablecoin Settlement Evolution
2021 Pilot: Partnered with Crypto.com to explore USDC settlements for cross-border transactions, initially using Ethereum-based USDC.
- Successfully eliminated lengthy currency conversions and wire transfer fees for Crypto.com’s Australian Visa card program.
- 2023 Expansion: Extended USDC support to Solana, enabling faster cross-border settlements via blockchain technology.
- Live Pilots: Collaborating with merchant acquirers like Worldpay and Nuvei to streamline fiat-to-crypto settlements for businesses.
How Visa’s USDC Integration Works
- Issuer Side: Crypto exchanges (e.g., Crypto.com) settle obligations in USDC.
- Acquirer Side: Processors like Worldpay route USDC payments to merchants.
- Blockchain Utility: Leverages Ethereum and Solana for speed and cost efficiency.
Cuy Sheffield, Visa’s Head of Crypto: "Stablecoins like USDC and blockchains such as Solana accelerate cross-border settlements, benefiting merchants and issuers alike."
Benefits for Merchants and Partners
- Faster Settlements: Reduces traditional banking delays.
- Treasury Efficiency: Simplifies cash flow management for businesses.
- Global Reach: Supports multi-chain stablecoin transactions without intermediaries.
👉 Explore how Visa’s blockchain integrations are reshaping payments
Future Outlook
Visa plans to scale its stablecoin infrastructure further, potentially integrating additional blockchains and currencies to enhance global payment rails.
FAQ Section
Q1: Which stablecoins does Visa currently support?
A1: Visa supports USDC on both Ethereum and Solana blockchains for settlement purposes.
Q2: How does USDC settlement benefit merchants?
A2: It enables near-instant cross-border payments, lowers transaction costs, and simplifies treasury operations.
Q3: Will Visa support other stablecoins like USDT?
A3: While unconfirmed, Visa’s focus remains on regulator-approved stablecoins like USDC for now.
Q4: Can small businesses use Visa’s USDC settlement?
A4: Yes, through partnered acquirers (e.g., Worldpay), businesses of all sizes can opt into USDC settlements.
👉 Learn more about blockchain’s role in modern finance
Keywords: Visa, USDC, Solana, stablecoin settlements, cross-border payments, Web3, Worldpay, Nuvei
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