Does Visa Use Stablecoins and the Future of Payments

Visa has indeed explored the use of stablecoins, a type of cryptocurrency that's pegged to a traditional currency like the US dollar, to enhance payment experiences.

In 2020, Visa launched a pilot program with the stablecoin USD Coin (USDC) to test its use for cross-border transactions. This marked a significant step towards integrating stablecoins into Visa's payment ecosystem.

Stablecoins like USDC offer a more stable alternative to traditional cryptocurrencies, which can be highly volatile. This stability makes them more appealing for everyday transactions.

As Visa continues to explore the potential of stablecoins, it's likely that we'll see more innovative payment solutions emerge.

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Visa has partnered with Centre Consortium to settle payments using the USD Coin (USDC) stablecoin on the Solana blockchain. This pilot program builds upon Visa's efforts in digital currency, granting them the capability to settle payments with issuer and acquirer partners using the USDC stablecoin.

Visa's collaboration with Worldpay and Nuvei enables them to settle millions of USD Coins in fiat currencies via their VisaNet cross-border system. This partnership aims to modernize cross-border payments by leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum.

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Visa's Crypto Head Cuy Sheffield stated that by using stablecoins like USDC, they're helping to improve the speed of cross-border settlement and provide a modern option for clients to easily send or receive funds from Visa's treasury.

Visa has also partnered with Circle, a co-founder of Centre Consortium, to settle payouts in USDC to Worldpay and Nuvei, which in turn route the merchants.

Visa's USD Coin settlement capability enables Worldpay to bring more of their treasury operations in-house and allows them to offer merchants more choices for receiving funds, according to Worldpay President Jim Johnson.

Visa chose Solana for its ability to send and receive stablecoins at "higher speed and lower costs", allowing for faster and cheaper cross-border payments.

Visa's move to allow payment settlements using cryptocurrency, specifically USD Coin, is the latest sign of growing acceptance of digital currencies by the mainstream financial industry.

Visa has launched a pilot program with Crypto.com to settle transactions using the USD Coin cryptocurrency, which is a stablecoin pegged directly to the U.S. dollar.

Visa's partnership with Anchorage, a digital asset bank, has enabled them to complete the first transaction using the Ethereum blockchain, stripping out the need to convert digital coin into traditional money in order for the transaction to be settled.

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