Today Visa announced that it enabled transaction settlement with the US dollar stablecoin USDC in a pilot on the public Ethereum blockchain.
The payments firm has numerous relationships with cryptocurrency exchanges. The exchanges issue Visa cards to their clients, enabling retail investors to spend cryptocurrencies. When a customer uses the Visa card, the exchange sells cryptocurrency of equivalent value and pays Visa with conventional fiat money.
In this case, Visa allowed Crypto.com to pay part of its Visa card program obligations using the USDC stablecoin instead of fiat money. It plans to offer the service to other partners later this year.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
