Today Visa announced expanded usage of stablecoins for settlement. It previously ran a live pilot with Crypto.com, which enabled the crypto exchange to pay Visa for the use of its branded cards using the USDC stablecoin. Now Visa says web3 merchants can choose to be receive card settlements in USDC if they use merchant acquirers Worldpay or Nuvei.
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury,” said Cuy Sheffield, Head of Crypto, Visa.
Crypto.com, as a card issuer, started running pilots with Visa in 2021. It now uses USDC to settle all its obligations for Visa cards issued in Australia. And it intends to roll out the capability in other markets.
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