Global payment processor Visa has enabled USD Coin (USDC) settlements on the Solana blockchain, marking a significant expansion of its stablecoin payment solutions. The company is now piloting cross-border USDC transactions with partners across Ethereum and Solana networks.
Visa’s USDC Integration Journey
Visa’s adoption of USDC has evolved through strategic partnerships:
- 2021: Initial pilot with Crypto.com to test Ethereum-based USDC settlements for Australian card program cross-border volumes.
- 2023: Expanded pilots with merchant acquirers Worldpay and Nuvei utilizing Solana for faster settlements.
"Leveraging USDC and blockchains like Solana improves cross-border settlement speed," noted Cuy Sheffield, Visa’s Head of Crypto.
Key Benefits for Partners
- Crypto.com reduced multi-day FX conversions to instant USDC settlements for Visa card obligations.
- Worldpay/Nuvei gain access to 24/7 settlement options for merchants through Visa’s treasury infrastructure.
How Visa Bridges Traditional Finance and Crypto
- USDC Issuance: Circle’s USD-backed stablecoin enables borderless digital dollar transfers at internet speed.
- Smart Contract Innovation: Visa explores off-chain gas fee settlements via Ethereum Paymaster contracts.
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Industry Impact
Jim Johnson (Worldpay):
"Visa’s USDC solution provides merchants greater treasury flexibility and fund receipt options."
Nabil Manji (Worldpay Crypto):
"This lays groundwork for real-time, 365-day settlements to accelerate cross-border commerce."
FAQ Section
Q: Why did Visa choose Solana for USDC settlements?
A: Solana’s high throughput and low fees complement Visa’s need for scalable, fast settlements.
Q: How does USDC improve cross-border payments?
A: Eliminates multi-day bank transfers and FX fees through blockchain’s instant settlements.
Q: Will Visa support other stablecoins?
A: While currently focused on USDC, Visa continuously evaluates new blockchain payment solutions.
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Future Outlook
Visa’s integration signals growing institutional adoption of:
- Stablecoins as bridge assets between fiat and crypto ecosystems.
- Layer 1 blockchains like Solana for enterprise-grade scalability.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks; always conduct independent research.