- Visa has expanded its USD Coin (USDC) settlement capabilities to the Solana (SOL) blockchain.
- The move means that certain merchants affiliated with merchant acquirers Worldpay and Nuvei can now receive payments in USDC directly, instead of traditional fiat currency.
Payment giant Visa has expanded its USD Coin (USDC) settlement capabilities to the Solana (SOL) blockchain, the company announced on Tuesday. The move means that certain merchants affiliated with merchant acquirers Worldpay and Nuvei can now receive payments in USDC directly, instead of traditional fiat currency, when customers make purchases using their Visa cards.
“This is a significant step in our journey to make digital currency a more accessible form of payment,” said Cuy Sheffield, Visa’s head of crypto. “By working with Worldpay and Nuvei, we’re opening up the door for more merchants to accept USDC and giving consumers more choice in how they pay.”
Solana is a high-performance blockchain that is designed to handle high volumes of transactions with low fees. This makes it a good fit for use in payments, as it can help to reduce the time and cost of settling transactions.
Visa has been testing USDC as a treasury option since 2021, when it partnered with Crypto.com for a live pilot. The company has also been working with other partners to explore the use of USDC for payments, including Anchorage Digital, a digital asset custody firm.
The expansion of Visa’s USD Coin settlement capabilities is a sign of the growing acceptance of cryptocurrencies in the payments industry. It is also a boost for Solana, which is vying to become a leading blockchain for payments.
The move is likely to be welcomed by merchants who are looking for ways to reduce their payment processing costs. It could also make it easier for consumers to use cryptocurrencies to make purchases, as they will no longer need to convert their crypto into fiat currency before making a payment.
Also read: Binance to Suspend Crypto Debit Card Services in Latin America and Middle East
Visa’s expansion into the crypto space is a major development that could have a significant impact on the payments industry. It remains to be seen how the market will react to this move, but it is clear that Visa is committed to exploring the use of cryptocurrencies for payments.
In addition to the benefits for merchants and consumers, the expansion of Visa’s USD Coin settlement capabilities could also have a positive impact on the Solana blockchain. The increased demand for USDC on Solana could help to drive up the price of SOL, the native token of the blockchain. This could make Solana more attractive to developers and investors, which could further boost the growth of the ecosystem.
Overall, the expansion of Visa’s USD Coin settlement capabilities is a positive development for the crypto industry. It is a sign of the growing acceptance of cryptocurrencies in the payments space, and it could help to make it easier and cheaper for consumers to use crypto to make purchases.
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