Visa (NYSE: V), a global leader in digital payments, has announced the expansion of its stablecoin settlement capabilities to merchant acquirers Worldpay and Nuvei, leveraging Circle's USDC and the Solana blockchain. This initiative follows a successful pilot with Crypto.com and marks a significant step in modernizing cross-border transactions.
Key Developments
1. Enhanced Settlement Efficiency
- Visa has processed millions of USDC transfers via Ethereum and Solana blockchains to settle fiat-denominated payments authorized through VisaNet.
- Partnerships with Worldpay and Nuvei enable faster merchant settlements, particularly for businesses engaged in blockchain economies.
2. Crypto.com Pilot Success
- The 2021 pilot demonstrated how USDC on Ethereum reduced cross-border settlement times from days to near-instant transactions.
- Crypto.com now uses USDC to fulfill Visa card obligations in Australia, with plans to expand to other markets.
3. Solana Blockchain Integration
- Visa added Solana support for its high-speed (400ms block time) and low-cost transactions, achieving ~400 TPS (peaking at 2K+ TPS).
- Solana’s performance makes it ideal for real-time settlement between Visa’s partners.
Quotes from Industry Leaders
- Cuy Sheffield, Visa’s Head of Crypto:
"By leveraging stablecoins like USDC and global blockchains, Visa is modernizing cross-border settlements, offering clients efficient alternatives to traditional wire transfers." - Jeremy Allaire, Circle CEO:
"USDC’s integration with Visa’s network unlocks transformative potential for payments and commerce." - Jim Johnson, Worldpay:
"Diversified settlement options like USDC are critical to meeting evolving merchant needs." - Philip Fayer, Nuvei:
"Stablecoins empower global businesses with faster, cost-effective cross-border solutions."
FAQs
Q1: How does Visa’s stablecoin settlement work?
A: Visa transfers USDC via blockchains (Ethereum/Solana) to settle card payments between issuers and acquirers, bypassing traditional wire delays.
Q2: Which blockchains does Visa support?
A: Ethereum (pilot phase) and Solana (scalability focus).
Q3: What are the benefits for merchants?
A: Faster access to funds and reduced FX complexity, especially for crypto-native businesses.
👉 Explore Visa’s blockchain innovations
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