Visa is strengthening its embrace of cryptocurrencies by expanding support for USDC stablecoin settlements on the high-speed Solana blockchain network.
On Tuesday, Visa announced it was one of the first major financial institutions to leverage Solana for scaling stablecoin settlements. The move builds on previous USDC integrations by Visa on Ethereum.
Visa is also initiating USDC settlement pilots through merchant acquirers like WorldPay and Nuvei. Their business clients can now opt to receive settlements in USDC stablecoins rather than fiat currency.
According to Visa’s head of crypto, Cuy Sheffield, adopting stablecoins and public blockchains will enhance the speed of cross-border payments and modernize offerings.
The integration highlights the traction blockchain technology is gaining in traditional finance. As research firm Bernstein predicts, stablecoins could grow into a $2.8 trillion market over the next 5 years as platforms utilize them for value exchange.
For Visa, the Solana rollout reinforces its position at the vanguard of embracing cryptocurrency infrastructure. While risks around compliance persist, Visa is prudently exploring use cases that exploit blockchain strengths.
Solana’s high throughput makes it compelling for transactions, despite recent concerns around stability. Optimizing stablecoin settlement is a prime demonstration of blockchain capabilities for improving legacy systems.
With the lines blurring between decentralized and traditional finance, expect more household names to follow Visa’s lead. Stablecoins appear poised to become a critical utility bridging the two worlds. And beyond payments, tokenized assets on blockchain networks promise to unlock trillions in fresh financial opportunities. Visa is gearing up early for this blockchain-powered future.
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