Visa taps into Solana to widen USDC payment capability

Global payments processor Visa has rolled retired enactment for USD Coin (USDC) payments settled connected the Solana blockchain arsenic its stablecoin offering begins to expand.

Visa revealed that it is carrying retired unrecorded and completed pilots with issuers and acquirers, moving millions of USDC tokens betwixt partners crossed the Etheruem and Solana blockchains to settee fiat-based payments.

An announcement from the payments steadfast outlined the improvement of VISA’s adoption of USDC done pilots involving Crypto.com to integrations with merchant outgo processors Worldpay and Nuvei.

The integration of USDC issued connected Ethereum and Solana into Visa’s ecosystem means that the erstwhile tin leverage Visa’s treasury and colony systems to span accepted concern with Web3. Visa’s caput of crypto Cuy Sheffield added that tapping into stablecoins USDC and blockchains similar Ethereum and Solana assistance amended the velocity of cross-border settlement.

1/ We are excited to denote that Visa has expanded our stablecoin colony capabilities to merchant acquirers launching pilots with @Worldpay_Global and @Nuvei utilizing the Solana blockchainhttps://t.co/E0TjMO5xiH

— Cuy Sheffield (@cuysheffield) September 5, 2023

Visa began investigating USDC successful 2021 successful collaboration with Crypto.com to trial stablecoin colony connected the issuance side. The resulting aviator leveraged Ethereum-based USDC to person payments from Crypto.com for cross-border measurement connected its Australian paper program. 

Settlements for cross-border purchases made connected Crypto.com Visa cards had antecedently required aggregate time currency conversion processes and accrued ligament transportation fees. As a effect the crypto speech present uses USDC for colony obligations for its Australian Visa card.

Related: Visa explores crypto state fees payments done cards

Crypto.com besides uses a Visa treasury-managed relationship with USD Coin issuer Circle to nonstop USDC crossed borderline connected the Ethereum blockchain which reportedly reduces the magnitude and complexity of planetary ligament transfers.

Circle co-founder and CEO Jeremy Allaire said that the concern marks a cardinal blockchain innovation that could change payments and commerce:

“Circle built USDC to supply a functional integer dollar that could determination astatine the velocity of the net to facilitate secure, reliable payments.”

The integration of USDC besides allows Visa to nonstop funds to USDC acquirers including Worldpay and Nuvei, which is expected to summation colony times for merchants utilizing their services.

The outgo processors are past capable to way USDC payments to merchants they serve, connecting Visa’s accepted fiat ecosystem done to stablecoins and the wider cryptocurrency abstraction that they serve.

Worldpay merchant solutions president Jim Johnson said that the Visa’s USDC colony capableness would alteration it to connection merchants much choices for receiving funds and amended negociate its treasury operations.

In anterior speech with Cointelegraph during Money20/20 successful Amsterdam successful June 2023, Nabil Manji, Worldpay caput of crypto and web3, outlined however the steadfast had partnered with Coinbase backmost successful 2013 to let the speech to go the archetypal to judge fiat-based paper payments worldwide.

Commenting connected the latest developments, Manji said Visa’s caller USDC colony work is the archetypal measurement successful allowing Worldpay’s clients to entree faster, much cost-efficient colony of user payments.

"It opens the doorway to exploring aboriginal enhancements specified arsenic 24/7/365 colony availability and real-time oregon aggregate regular settlements, each of which tin assistance to accelerate cross-border commerce."

As Cointelegraph antecedently reported, Visa has begun exploring a solution to marque off-chain state interest settlements for Ethereum utilizing a Paymaster astute contract. These types of astute contracts are capable to marque payments for users and execute logic for assorted transaction capabilities.

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