In a bid to offer speed up cross-border payment transactions for its merchants, Visa (NYSE:V) said Tuesday it’s expanding its stablecoin settlement capabilities with USD Coin (USDC-USD) to the Solana (SOL-USD) blockchain.
The payments giant has also initiated pilot programs with merchant acquirers Worldpay and Nuvei (NASDAQ:NVEI). Visa (V) can now manage settlement payouts in UDSC (USDC-USD) stablecoin to Worldpay and Nuvei who can then route those payouts in USDC to their end merchants.
“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,” Cuy Sheffield, head of crypto at Visa, said in a statement.
In mid-afternoon trading, SOL rose 4.7% to $20.34, bucking the broader crypto market’s pullback.
A stablecoin is a type of crypto whose value is pegged to a commodity or fiat currency. The supply of such a token can also be regulated by an algorithm.
Visa (V) first started testing USDC (USDC-USD) for its treasury operations in 2021. The company ran a pilot program with crypto exchange Crypto.com, using USDC and the ethereum (ETH-USD) blockchain to receive payments from Crypto.com for cross-border volume on its live card program in Australia.
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