Visa, a global leader in payments technology, is making significant strides in the world of blockchain and stablecoins.
In a recent press release, Visa announced its extension of stablecoin settlement capabilities to the Solana blockchain, alongside its existing support for Ethereum.
This development stems from a collaborative effort with merchant acquirers Worldpay and Nuvei, and it carries considerable implications for the future of cross-border transactions and digital payments.
Visa’s commitment to blockchain technology and stablecoins is evident through its live pilot programs. These programs involved the seamless transfer of millions of USDC stablecoins across both the Solana and Ethereum blockchain networks.
Notably, these transactions settled fiat-denominated payments authorized via Visa’s expansive global payment network, VisaNet.
Visa’s treasury and settlement systems are robust, handling the clearing, settlement, and movement of billions of dollars in transactions daily.
This intricate web connects nearly 15,000 financial institutions worldwide, operating across more than 25 different currencies.
Cuy Sheffield, Head of Crypto at Visa, underscores the company’s dedication to leveraging stablecoins and blockchain networks to enhance the speed and efficiency of cross-border settlements.