Visa, the global payments firm, has expanded its stablecoin settlement capability to include USDC tokens issued on the Solana blockchain. This move is part of Visa’s efforts to expand its stablecoin offering and bridge traditional finance with Web3. The company has conducted live and completed pilots with issuers and acquirers, facilitating the transfer of millions of USDC tokens between partners on the Ethereum and Solana blockchains for fiat-based payments. By integrating USDC into its ecosystem, Visa aims to improve the speed of cross-border settlement. The partnership with Crypto.com has allowed Visa to test stablecoin settlement on the issuance side, while also reducing currency conversion processes and wire transfer fees for cross-border purchases. The integration of USDC also enables Visa to send funds to USDC acquirers like Worldpay and Nuvei, increasing settlement times for merchants using their services. This development opens up possibilities for future enhancements such as 24/7/365 settlement availability and real-time or multiple daily settlements, which can accelerate cross-border commerce.
