Visa to accept US stablecoin

Visa has announced it will become the first major payments company to accept transactions in USD Coin (USDC), a stablecoin backed by the US dollar.

The payments giant is piloting the cryptocurrency with Crypto.com and plans to expands the USDC capability to other partners later this year.

The company will settle the USD Coin transactions over Ethereum, an open-source blockchain.

Visa said that it is focused on making cryptocurrencies more “secure, useful, and applicable for payments.”

The business has spent the past year establishing a pathway for digital currency settlement within its existing treasury infrastructure.

It is working with Anchorage on the pilot, which is the first federally chartered digital asset bank and an exclusive Visa digital currency settlement partner.

Visa said that its treasury upgrades and integration with Anchorage also strengthen the company’s ability to directly support new Central Bank Digital Currency (CBDC.)

“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Jack Forestell, executive vice president and chief product officer, Visa. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”

Kris Marszalek, co-founder and chief executive of Crypto.com said: “We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently. Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.”

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