Visa (V) is diving deeper into crypto to boost the speed of cross-border payment transactions.
Visa said it’s one of the first major financial institutions to use the Solana network at scale for settlements.
Visa also has started pilot programs with merchant acquirers Worldpay and Nuvei, which process debit and credit card payments for businesses globally, according to the statement. Their clients now may choose USDC stablecoin settlement instead of receiving fiat currencies.
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury,” Cuy Sheffield, head of crypto at Visa, said in a statement.
The development is another milestone for traditional financial institutions leveraging blockchain technology. The stablecoin market can potentially grow to $2.8 trillion in the next five years as global financial and consumer platforms tap the tokens on public blockchains to power value exchange on their platforms, research firm Bernstein has said.
Stablecoins are a subset of cryptocurrencies with prices pegged to an external asset, predominantly to the U.S. dollar, and increasingly used for remittances and savings vehicles in developing regions.
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