Payments giant Visa announced Tuesday that it expanded its stablecoin settlement capabilities with Circle’s USDC to the Solana blockchain to offer high-speed performance. 

On Tuesday, the San Francisco-based payments giant Visa announced that it expanded stablecoin settlement capabilities with Circle’s USDC. Visa said it added pilot programs with merchant acquirers Worldpay and Nuvei and is harnessing the power of the Solana (SOL) blockchain to do so. 

Visa Revolutionizing Cross-Border Payments

In a bid to modernize cross-border settlement transactions, Visa announced via a press release that it is expanding its stablecoin settlements to the Solana blockchain and is working with merchant acquirers Worldpay and Nuvei. Visa became one of the first major payment institutions to utilize Solana at scale to offer settlements.

According to its statement, Visa initiated pilot programs with merchant acquirers Worldpay and Nuvei. The two companies process credit and debit card payments for businesses globally. Worldpay and Nuvei’s clients can now receive settlements in USDC instead of fiat currencies.

Head of Crypto at Visa, Cuy Sheffield, said:

“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.” 

He added:

“Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”

Leading Stablecoin Settlements on Issuance

Visa began testing how USDC can be use

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Author: Jana Serfontein

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