Visa (V) is deepening its cryptocurrency integration to accelerate cross-border payment transactions.
In a Tuesday announcement, the San Francisco-based company revealed it has expanded its stablecoin settlement capabilities using Circle’s USDC to the Solana (SOL) blockchain, aiming to deliver high-speed performance.
Visa highlighted that it is among the first major financial institutions to adopt the Solana network for large-scale settlements.
Following the news, SOL rose nearly 2%, while Bitcoin (BTC) and the broader market (as tracked by CoinDesk’s Market Index/CMI) declined.
Key Developments:
- Pilot Programs: Visa partnered with merchant acquirers Worldpay and Nuvei to enable global businesses to process debit/credit card payments. Clients can now opt for USDC stablecoin settlements instead of traditional fiat currencies.
- Historical Context: Visa began testing USDC for treasury operations in 2021, collaborating with Crypto.com to settle cross-border payments via Ethereum for Crypto.com Visa card transactions.
👉 Explore how blockchain transforms payments
Why This Matters
Cuy Sheffield, Visa’s Head of Crypto, stated:
"By leveraging stablecoins like USDC and global blockchain networks such as Solana and Ethereum, we’re enhancing cross-border settlement speed and offering clients flexibility to send/receive funds from Visa’s treasury."
This move marks another milestone in traditional finance’s adoption of blockchain technology. Research firm Bernstein predicts the stablecoin market could grow to $2.8 trillion within five years, driven by tokenized value exchange on public blockchains.
FAQ Section
1. How does Visa’s use of Solana improve payments?
Solana’s high throughput and low fees enable faster, cost-effective settlements compared to traditional banking rails.
2. What advantages does USDC offer over fiat?
USDC provides instant settlement, 24/7 availability, and reduces reliance on intermediary banks for cross-border transactions.
3. Is this partnership exclusive to Solana?
No. Visa also supports Ethereum for USDC settlements, reflecting a multi-chain strategy.
4. How might this impact businesses?
Merchants gain faster access to funds and optionality in currency receipt, improving liquidity management.
The Broader Stablecoin Landscape
Stablecoins—crypto assets pegged to external reserves like the USD—are increasingly used for remittances and savings in emerging markets. Notably, fintech giant PayPal recently launched its Ethereum-based stablecoin, PYUSD.
👉 Learn about stablecoin adoption trends
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks; readers should conduct independent research.
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