VISA Launches Stablecoin Payments On Solana
Payments behemoth VISA said that it had extended its stablecoin settlement services to the Solana blockchain. Although the programme is still in its trial and testing stages, it aims to enhance the capabilities of the existing payment rails.
By integrating blockchain capabilities on Solana, the pilot programme, according to the statement, enables “enterprise-grade” throughput and reduced transaction costs. In order to accomplish this, VISA purchased Worldpay and Nuvei.
Visa, a payment giant, has settled millions of dollars on blockchain networks using stablecoin USDC. The company’s Head of Crypto, Cuy Sheffield, emphasized the potential of this technology to improve legacy payment systems. By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, Visa aims to improve cross-border settlement speed and provide a modern option for clients to send or receive funds from Visa’s treasury. The program began in 2021 when Visa partnered with Crypto.com to leverage Ethereum for cross-border transactions in Australia. VISA is prepared to forge new alliances and work with new partners to expand its program.
(With inputs from Shikha Singh)
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