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Visa Giant Expands Stablecoin Settlement Capabilities Through USDC and Solana Chain

Tue, 09/05/2023 - 13:35
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Yuri Molchan
Visa continues to adjust itself to crypto, now planning to modernize cross-border money movement through USDC stablecoin and Solana blockchain
Visa Giant Expands Stablecoin Settlement Capabilities Through USDC and Solana Chain
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According to a press release published by Business Wire, global payments behemoth Visa steps up to continue its experiments with crypto. This time, it intends to expand stablecoin settlement capabilities using USDC dollar-pegged stablecoin and using the Solana blockchain to begin pilot programs with merchant acquirers Worldpay and Nuvei.

Visa has already been collaborating with top blockchain platform Ethereum for faster payment settlement via VisaNet.

The system offered by Visa helps clear, settle and transfer billions of USD worth of transactions between users' banks and merchants' banks on a daily basis, a process that remains invisible for users of Visa cards.

Using Solana and Ethereum chains and stablecoins, such as USDC, Visa will be able to conduct cross-border settlements faster and enable users to seamlessly send and receive money from Visa's treasury, according to Visa's chief of crypto, Cuy Sheffield. Basically, USDC together with Solana and Ethereum chains will help Visa improve ita way of moving money transnationally.

Visa's crypto journey with

The current pilots stem from the pilot program Visa started with the exchange in 2021, when Visa also used USDC stablecoin to see if it could improve settlements on the issuance side.

That was when Visa also partnered with the Ethereum chain to utilize it in their pilot with for card-based payments in Australia. Before that pilot took place, transnational purchases made with cards issued in partnership with Visa took days and expensive international wire transfers to settle.

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Adding Solana and expanding from issuers to acquirers

Now, Visa has expanded its pilot and included the top blockchain Solana, as well as acquirers such as Worldpay and Nuvei, to shorten settlement times for their merchants.

Visa needed a new blockchain partner, aside from Ethereum, for this new part of their program, so they picked Solana to conduct USDC settlement operations between merchants and acquirers. Thus, Visa became the first major payments company using the tools offered by Solana to make payments seamless.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at