Visa adds USDC support on Solana to improve settlement times and lower costs
(Kitco News) - Global payments giant Visa is looking to expand its stablecoin settlement capabilities with the addition of USD Coin (USDC) support on the Solana blockchain in partnership with merchant acquirers Worldpay and Nuvei.
Worldpay and Nuvei are global acquirers serving merchants from a diverse range of sectors, including those interacting with blockchain on-ramp providers, games, and NFT marketplaces that prefer to receive stablecoins over traditional fiat currencies for the card payments they accept.
According to a press release from Visa, the firm has completed a pilot program that utilized VisaNet to move millions of USDC between its partners over the Solana and Ethereum blockchain networks, providing a new way to settle fiat-denominated payments and modernize cross-border money movement.
“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,” said Cuy Sheffield, head of crypto at Visa. “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.”