Visa has unveiled its latest stablecoin related pilot involving Visa Direct payouts using the digital currency to gig workers or employees. Visa Direct is the card company’s payment system that uses its own network, which is especially useful for international transfers. Usually the payment is sent to the recipient’s Visa card, and the funds are then added to their linked bank account. With this pilot, the funds are instead delivered using stablecoins such as USDC.
While the recipient receives stablecoins, the payer would fund the payment in fiat currency. One of the key benefits is that the recipient receives the funds instantly, avoiding potential delays with bank opening hours.
“Launching stablecoin payouts is about enabling truly universal access to money in minutes – not days – for anyone, anywhere in the world,” said Chris Newkirk, President, Commercial & Money Movement Solutions, Visa. “Whether it’s a creator building a digital brand, a business reaching new global markets or a freelancer working across borders, everyone benefits from faster, more flexible money movement.”
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