Following a Crypto.com issuer pilot, Visa expands stablecoin settlement capabilities with Circle’s USDC, adding pilot programs with merchant acquirers Worldpay and Nuvei, and utilizing the Solana blockchain.
Visa Expands Stablecoin Settlement Capabilities to Merchant Acquirers. (Credit: MBatty from Pixabay)
Visa (NYSE: V), a global leader in payments, announced its next step in modernizing cross-border money movement. Visa is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain and is working with merchant acquirers Worldpay and Nuvei.
Through live pilots with issuers and acquirers, Visa has already moved millions of USDC between its partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet.
When consumers use Visa cards to make a purchase at any of the millions of Visa-accepting merchant locations around the world, they can experience the convenience of nearly instant payment authorizations. But what they don’t see is that the funds used for their purchase need to move between their bank (the issuer) and the merchant’s bank (the acquirer). This is where Visa’s treasury and settlement systems enable the clearing, settlement and movement of billions in transactions a day, making sure the correct amount in the preferred currency is received from the issuer and sent to the acquirer. This process happens seamlessly between nearly 15K financial institutions and across more than 25 currencies globally.
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury,” said Cuy Sheffield, Head of Crypto, Visa. “Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”
Source: Company Press Release