Visa is expanding its stablecoin settlement capabilities to the Solana blockchain, one of the fastest and most scalable blockchains in the world. This move will allow Visa to settle cross-border payments more quickly and efficiently, while also reducing costs.
Visa has been working with Circle, the issuer of the USDC stablecoin, to develop this new settlement solution. USDC is a digital dollar that is pegged to the US dollar, making it a stable and reliable currency for settlement.
The pilot programs with Worldpay and Nuvei will allow merchants to choose to receive USDC settlement instead of fiat currencies. This will give merchants more flexibility and control over their payments, and it will also help to reduce the time and cost of cross-border payments.
Visa’s move to expand stablecoin settlement is a sign of the growing acceptance of cryptocurrencies by traditional financial institutions. Stablecoins are seen as a potential solution to the volatility of cryptocurrencies, and they are increasingly being used for cross-border payments and other financial applications.
The stablecoin market is expected to grow significantly in the coming years, and Visa’s move to expand its settlement capabilities is a way for the company to stay ahead of the curve.