Visa, the global payment giant, has announced that it has expanded its stablecoin settlement capabilities to include the Solana blockchain, in addition to the existing Ethereum network. This means that Visa can now support USDC, a popular dollar-pegged stablecoin, on both Solana and Ethereum, two of the most widely used blockchains in the crypto space.
Visa and Solana are Straightening Their Relationship
Visa said that it has partnered with Worldpay and Nuvei, two fintech companies that serve merchants across various sectors, to offer pilot programs for stablecoin settlement.
As part of the live pilots, 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, the company’s global payment network.
Cuy Sheffield, head of crypto at Visa, said that the move aims to improve the speed and efficiency of cross-border settlement and provide a modern option for its clients to easily send or receive funds from Visa’s treasury.
He also said that Visa is one of the first major payment companies to support Solana as a settlement blockchain, highlighting its scalability and low-cost advantages.
Visa’s USDC settlement capability has allowed Worldpay to bring more of its treasury operations in-house, providing merchants with a wider range of options for receiving funds. USDC, a stablecoin, represents a cutting-edge payment technology that can help online businesses worldwide accelerate their growth.
This technology is at the forefront of the payments industry and offers numerous benefits to merchants and consumers alike. Visa has been actively exploring the potential of stablecoins and blockchain technology for its payment services.
In March this year, the company announced that it had completed its first transaction using USDC on Ethereum to settle a payment with Crypto.com, a crypto platform and Visa partner. Since then, Visa said that it has seen strong demand from its clients and partners for stablecoin settlement capabilities.
