Payments giant Visa today said it was expanding its crypto ambitions—this time by using stablecoin USD Coin and the Solana blockchain. 

The company said Tuesday that it was working with merchants to move millions in USDC, the sixth largest digital asset on Tuesday with a $26 billion market cap according to CoinGecko. Meanwhile, Solana’s native token, SOL, saw a 4% gain on the news.

Visa said that it was working with merchant acquirers Worldpay and Nuvei to allow them to settle with USDC instead of receiving fiat currencies. A “settlement” is when the issuing bank transfers funds from the cardholder’s account, via a payment gateway, to the bank accepting card payments on behalf of the merchant. 

USDC is a stablecoin, meaning it is pegged to something stable: the U.S. dollar. Circle, the company behind USDC, holds dollars in reserve to back every USDC token in circulation. 

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Author: Mathew Di Salvo

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