Visa, the global payment leader, has launched pilot programs in collaboration with payment processors Worldpay and Nuvei to optimize cross-border transactions using stablecoin settlements (primarily USDC) and Solana blockchain integration. This initiative, initially reported by BusinessWire, marks a significant step toward faster and more cost-effective international payments.
Key Features of Visa’s Stablecoin Settlement Expansion
1. Blockchain-Powered Efficiency
Visa successfully processed millions of USDC (USD Coin) transactions via Solana and Ethereum blockchains, enabling real-time settlement for fiat payments authorized through VisaNet.
Solana’s Advantage:
- Lightning-fast block processing (400 milliseconds).
- High throughput (~400 TPS, scalable to 2,000+ TPS under demand).
- Lower transaction costs compared to traditional networks.
- Global Reach:
Visa’s system connects ~15,000 financial institutions across 25+ currencies, ensuring near-instant payment approvals for merchants worldwide.
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2. Why Solana?
Cuy Sheffield, Visa’s Head of Crypto, emphasized Solana’s role in modernizing fund transfers:
"Stablecoins like USDC and networks like Solana streamline cross-border settlements, offering scalable solutions for today’s financial needs."
3. From Pilot to Global Adoption
- Early Tests: Visa initially trialed USDC within its treasury operations, later partnering with Crypto.com for cross-border stablecoin settlements.
- Acquirer Integration: Worldpay and Nuvei now leverage Visa’s Circle account to receive USDC payouts, simplifying merchant settlements.
Industry Voices:
- Jim Johnson (Worldpay): "USDC settlements allow us to offer merchants flexible fund-receiving options."
- Philip Fayer (Nuvei): "Stablecoins will redefine international business payments beyond just efficiency gains."
Stablecoins Gain Traction Among Payment Giants
Competitive Landscape
- PayPal: Launched PYUSD stablecoin in August 2023, available via PayPal app (US only).
- Mastercard & Circle: Piloting USDC settlements to reduce intermediaries in card transactions.
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The Future of Stablecoins
As adoption grows, stablecoins may bridge traditional finance and blockchain assets, unlocking new use cases for consumers and businesses alike.
FAQ Section
1. How does Solana improve Visa’s settlements?
Solana’s high speed and low costs enable faster, cheaper transactions compared to conventional networks.
2. Which stablecoins does Visa support?
Currently USDC, with potential for future expansions.
3. Can merchants opt for fiat instead of USDC?
Yes—Visa’s system supports both traditional and stablecoin payouts.
4. What’s the benefit for cross-border payments?
Stablecoins reduce currency conversion fees and settlement delays.
5. Will Visa add more blockchains?
While unconfirmed, Visa’s focus on scalability suggests potential future integrations.
About the Author
Nicholas Say, a Michigan-born writer with global expertise, covers next-gen fintech and blockchain developments. His work emphasizes practical innovation in financial technology.
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