Visa Boosts Stablecoin Support with USDC Integration on Solana Blockchain
Summary:
Visa expands support for USD Coin (USDC) payments settled on the Solana blockchain, allowing for faster cross-border settlement and enhanced merchant options. The integration of USDC into Visa's system bridges traditional finance with Web3 and opens the door for future enhancements. Visa is also exploring off-chain gas fee settlements for Ethereum.
Visa has expanded its support for USD Coin (USDC) payments settled on the Solana blockchain, as part of its efforts to increase its stablecoin offerings. The company has conducted live and completed pilots using USDC tokens to settle fiat-based payments on both Ethereum and Solana blockchains. Visa's integration of USDC into its system allows for traditional finance to be linked with Web3, enabling faster cross-border settlement. The partnership between Visa and Crypto.com has also resulted in the use of USDC for settlement obligations on the Australian Visa card. Additionally, Visa's integration of USDC allows for faster settlement times for merchants using services from Worldpay and Nuvei. This move is seen as a step towards enhancing cross-border commerce and exploring future enhancements such as 24/7 settlement availability and real-time settlements. Visa is also exploring a solution for off-chain gas fee settlements for Ethereum.
Published At
9/5/2023 2:17:49 PM
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