Since 2021, Visa, the global payments leader, has sought to integrate the USDC stablecoin for its treasury operations with Crypto.com. Successful, the tests resulted in a pilot project using USDC and the Ethereum blockchain. Now, Visa is expanding to the Solana blockchain to allow merchants to get paid in USDC stablecoins. This initiative in partnership with Worldpay and Nuvei could truly revolutionize cross-border payments.
USDC stablecoin payment soon available on Solana
Visa, the payments giant, has announced the continuation of its program to modernize cross-border funds movements. This time, Visa is extending its crypto stablecoin settlement capabilities to the Solana blockchain. It plans to leverage the performance of blockchain while collaborating with acquiring merchants Worldpay and Nuvei. Currently in the pilot phase, Visa has already transferred millions of USDC between its partners. This is in order to settle payments denominated in fiat currency authorized by VisaNet.
Visa has opted for Solana due to the significant demand for newer solutions capable of sending and receiving cryptostablecoins faster and cheaper. Solana can in fact process up to 60,000 transactions per second compared to only around fifteen on Ethereum. Visa began exploring the world of stablecoins with the Ethereum blockchain since 2021.
A promising future for cross-border payments
Visa helps improve the speed of cross-border settlements and facilitates customer transactions, said Cuy Sheffield, the company’s Head of Crypto. According to Jeremy Allaire, CEO of Circle, his company built the crypto USDC to provide a working digital dollar that could move at the speed of the internet. This will facilitate safe and reliable payments. The combination of USDC and Visa innovation is paving the way for the future of payments, commerce and financial applications.
Currently, the race for financial innovations is in full swing. Its main rival, Mastercard, also operates in this area. The company revealed a partnership with Circle and Stables to allow customers to pay in USDC crypto with the card wherever it is accepted. The development of these payment solutions is a boon for the blockchain industry.
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