International funds processing large Visa has introduced increasing its stablecoin settlement capabilities to the Solana blockchain.
Visa has efficiently performed real-world pilot assessments with each issuers and acquirers, facilitating the seamless switch of hundreds of thousands of USDC stablecoins tokens throughout the Solana and Ethereum blockchain networks. These transfers have been executed to settle fiat currency-based funds that had been approved by way of VisaNet.
Visa Expands Stablecoin Settlement
Within the newest announcement, Visa additionally revealed working with service provider acquirers Worldpay and Nuvei. The corporate first started exploring USDC’s function inside its treasury operations again in 2021, which led to a pilot with Crypto.com, making it one of many main fee networks to experiment with stablecoin settlements from the issuer’s perspective.
This work subsequently led to a profitable pilot leveraging USDC and the Ethereum blockchain to obtain funds from Crypto.com particularly for cross-border transactions inside their energetic card program in Australia.
The pilot basically eradicated the cumbersome course of involving conversions and expensive worldwide wire transfers for cross-border purchases on Crypto.com Visa playing cards. In consequence, Crypto.com has transitioned to USDC to meet its settlement obligations for its Visa playing cards in Australia.
Commenting on the event, Cuy Sheffield, Visa’s Head of Crypto mentioned,
“By leveraging stablecoins like USDC and international blockchain networks like Solana and Ethereum, we’re serving to to enhance the velocity of cross-border settlement and offering a contemporary choice for our purchasers to simply ship or obtain funds from Visa’s treasury. Visa is dedicated to being on the forefront of digital forex and blockchain innovation and leveraging these new applied sciences to assist enhance the best way we transfer cash.”
Tapping into Solana
Visa highlighted the rising demand to leverage newer, high-performance blockchains that may ship and obtain stablecoins with greater velocity and decrease prices as its rationale behind tapping into Solana. With this transfer, Visa has change into one of many first main fee corporations at scale to immediately make the most of the layer 1 blockchain for dwell settlement funds between its purchasers.
In the meantime, the Solana community has witnessed regular enhancements in efficiency and reliability because it maintained uninterrupted service for greater than six months and has been 100% uptime since February.
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