Visa is the first leading payments network to support the USDC stablecoin and will use it to process transactions on the Ethereum blockchain
Visa is the world’s first leading payment network to support the USDC stablecoin. The company announced this yesterday and stated that it would process payments in USDC coins on the Ethereum blockchain.
In a press release yesterday, Visa stated that the direct adoption of the USDC coin would create new connections between cryptocurrencies and fiat currencies. Until then, Visa has only processed transactions in fiat currencies.
The company announced it would start with Crypto.com and expand its services to other platforms. “Visa is testing the functionality with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, and plans to add USDC settlement functionality to additional partners later this year.”the press release was added.
In the past, the Visa processing process required Crypto.com to process transactions in fiat currencies, which made the company expensive and complex. However, the introduction of the USDC coin means that Crypto.com will not have to go through this again.
Jack Forestell, Visa’s chief product officer, said: “Today’s announcement marks an important milestone in our ability to meet the needs of fintechs managing their business in a stable coin or cryptocurrency. It really is an extension of our daily activities and facilitates secure payments in all different currencies around the world. ”
Crypto.com Co-Founder and CEO Kris Marszalek is excited about this latest development. He stated that the company aims to help millions of consumers worldwide access and use cryptocurrencies. Visa’s ability to directly accept and interact with cryptos makes it easy for them.
Visa will use the Anchorage crypto bank as its settlement agent, meaning that Crypto.com would send USDC to Visa’s Ethereum address in Anchorage. The payment giant will expand the capability to other partners over the next few months after further testing and discussions with its customers and board members.