Visa's crypto strategy targets stablecoin settlements

Payment institution Visa is seeking to physique a "muscle memory" to settlements, aiming to let customers to person integer assets to fiat currencies connected its platform, according to the company's caput of crypto part Cuy Sheffield astatine the StarkWare Sessions 2023.

"We've been investigating however to really judge colony payments from issuers successful USDC starting connected Ethereum and paying retired successful USDC (USDC) connected Ethereum. So, these are ample worth colony payments.", noted Sheffield successful a fireside chat astatine the event. Cointelegraph's squad is connected the crushed successful Tel-Aviv covering the two-day Ethereum assemblage conference.

According to the executive, planetary colony with integer assets and fiat currencies is 1 of the avenues that Visa is investing in. He specifically stated:

"That's been 1 of the areas wherever we privation to physique musculus memory. The aforesaid mode that we tin person betwixt dollars successful euros connected a transverse borderline transaction, we should beryllium capable to person betwixt integer tokenized dollars and accepted dollars."

The outgo elephantine has been exploring however to incorporated blockchain exertion into its existing web to determination wealth faster, but settlements inactive instrumentality spot connected the Society for Worldwide Interbank Financial Telecommunications, oregon SWIFT system, a not for nett cooperative nine formed by European bankers with the intent of facilitating unafraid and standardized transaction connection betwixt its members.

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"We acceptable each implicit Swift, truthful we can't determination wealth arsenic often arsenic we'd similar due to the fact that determination are a fig of limitations that beryllium successful those networks. And so, we've been experimenting, we publically announced. We've been investigating however to really judge colony payments [with stablecoins]," Sheffield explained. 

Recently speaking astatine Visa’s yearly shareholder meeting, erstwhile CEO Al Kelly concisely shared the firm’s plans for cardinal slope integer currencies (CBDCs) and backstage stablecoins, claiming that "stablecoins and cardinal slope integer currencies person the imaginable to play a meaningful relation successful the payments space, and we person a fig of initiatives underway.”

Sheffield confirmed the company's presumption for blockchain exertion and integer assets. "We're reasoning a batch astir however to instrumentality immoderate of the worth that visa provides connected existing slope rails, with existing forms of beyond successful a rebuild that connected apical of blockchain rails, utilizing unchangeable boards. If we deliberation determination are immense opportunities successful that area, it conscionable benignant of stays connected emerging."