Visa, a leading global payments company, is taking steps to modernize cross-border money movement by enhancing its stablecoin settlement capabilities with the Solana blockchain. In addition, Visa has announced its collaboration with merchant acquirers Worldpay and Nuvei.
By leveraging the USDC stablecoin, which is issued by Circle, Visa aims to improve the efficiency of cross-border settlements. Cuy Sheffield, Head of Crypto at Visa, emphasizes the company’s commitment to being at the forefront of digital currency and revolutionizing the way money is transferred.
Visa initially began testing the USDC stablecoin in 2021 through a pilot program with Crypto.com. This partnership enabled payments to be received on Crypto.com’s program in Australia using USDC and Ethereum. As a result, Crypto.com now utilizes USDC for settlement obligations on Visa cards in Australia, with plans for expansion into other markets. This shift has significantly reduced the time it takes for cross-border settlements, which previously could take days.
Jeremy Allaire, co-founder and CEO of Circle, expresses excitement about the various use cases for USDC when combined with Visa’s innovative solutions. He believes that pairing the USDC stablecoin with Visa’s technology has the potential to open up new possibilities in payments, commerce, and financial applications.
Visa is now able to manage settlement payouts in USDC to Worldpay and Nuvei using its own Circle account. These funds can then be routed to end merchants, allowing for seamless, secure, and reliable transactions. Visa’s decision to integrate the Solana blockchain is based on its high-performance characteristics. The Solana blockchain boasts 400 millisecond block times, an average of 400 transactions per second (TPS), and can handle surges of over 2,000 TPS during peak demand.
Philip Fayer, Chair and CEO of Nuvei, highlights that optimizing cross-border transactions is just one example of how stablecoins can benefit businesses. The partnership between Visa, Worldpay, and Nuvei demonstrates the potential for stablecoins to revolutionize the financial industry and drive innovation in various sectors. With Visa’s continued efforts to enhance its stablecoin settlement capabilities, cross-border money movement is poised to become faster, more efficient, and more accessible than ever before.
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