Visa Expands Stablecoin Settlement to Solana and Merchant Acquirers

Visa is taking a measurement successful advancing integer currency adoption by expanding its stablecoin colony capabilities to the Solana blockchain network. The payments elephantine besides announced caller aviator programs with merchant acquirers Worldpay and Nuvei to research streamlining colony successful the Circle-issued stablecoin USDC.

Visa Expands Stablecoin Settlement to Solana; Partners With Worldpay and Nuvei for Streamlined USDC Transfers

The fiscal entity’s latest determination builds connected Visa’s erstwhile enactment with Crypto.com and Circle, which utilized USDC and the Ethereum blockchain for adjacent real-time colony betwixt issuers and acquirers. By adding enactment for Solana, Visa aims to alteration faster and lower-cost transactions for clients wishing to leverage stablecoins.

“By leveraging stablecoins similar USDC and planetary blockchain networks similar Solana and Ethereum, we’re helping to amended the velocity of cross-border colony and providing a modern enactment for our clients to easy nonstop oregon person funds from Visa’s treasury,” said Cuy Sheffield, caput of Crypto astatine Visa.

With the expansion, Visa plans to nonstop USDC funds onchain to Worldpay and Nuvei, who tin past way payments successful stablecoins to their merchants. Traditionally, colony for cross-border purchases requires a lengthy fiat currency conversion process. Stablecoin colony provides a faster alternative.

“Diversifying backing options and expanding flexibility is captious to serving the changing needs of planetary merchants successful today’s rapidly evolving commerce landscape,” said Jim Johnson, president of Worldpay Merchant Solutions.

The determination comes arsenic Visa aims to presumption itself astatine the forefront of integer currency adoption. Solana has been 1 of the fastest-growing furniture 1 blockchain networks, claiming to beryllium susceptible of handling implicit 2,000 transactions per second. However, past year, the furniture 1 (L1) web suffered from respective outages.

By embracing crypto-based settlement, Visa says it is gradually modernizing its treasury and colony systems for the Web3 era. The payments institution and partners judge stablecoins similar USDC supply the imaginable for near-instant colony compared to accepted slope transfers.

As planetary acquirers with divers merchant bases, Visa said that Worldpay and Nuvei marque perfect partners for investigating caller colony capabilities. Their merchants are progressively interacting with the crypto system done NFT marketplaces, crypto on-ramps, and blockchain-based games, according to the property announcement.

Philip Fayer, Chair and CEO of Nuvei, stated that “stablecoins similar USDC are cutting borderline payments exertion that tin alteration online businesses astir the satellite to accelerate their growth.”

What bash you deliberation astir Visa’s enlargement and stablecoin colony concepts? Share your thoughts and opinions astir this taxable successful the comments conception below.