For all its blemishes and blowups, blockchain technology resembles an early internet that evolved from obscure to ever-present, Visa’s Head of Blockchain Cuy Sheffield wrote in a blog post on Wednesday.

“We see significant potential for blockchain networks,” he wrote on behalf of the financial services giant. “Blockchains today share some parallels with the early internet—particularly more than their fair share of skeptics, hecklers, and critics.”

Sheffield posited that Blockchain technology—in terms of its efficiency, associated costs, and ease of use—will likely mature over the next decade. Even though PayPal and BlackRock are recent examples of big firms wading deeper into crypto waters, Sheffield’s post captures an emerging tone among staid financial firms like Visa.

In the future, he wrote he anticipates Visa’s payment network will involve more than “just multiple currencies and bank settlement rails, but also multiple blockchain networks, stablecoins, and CBDCs or tokenized deposits.”

Sheffield’s post underscored Visa’s recent work in leveraging stablecoin USDC and Solana to provide a more “modern option” for clients to send or receive funds. It als

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Author: André Beganski

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