Visa said on Tuesday that it has began working with new merchant banks, and as a result, its partners will now be able to make and receive USDC settlement payments using the Solana blockchain. The stablecoin settlement extension allows the payments giant to pay out to Worldpay and Nuvei in USDC through Visa’s Circle Account. Then, Worldpay and Nuvei may send the USDC funds on to their respective merchants.
In 2021, the payments firm began conducting treasury operations testing using USDC. The business piloted a program with cryptocurrency exchange Crypto.com to settle international payments made using Crypto.com Visa cards on the Ethereum blockchain.
Sending USDC internationally on the Ethereum blockchain using a Visa treasury-managed account with USD Coin issuer Circle apparently shortens the time and effort required for international wire transfers.
Worldpay’s head of merchant solutions, Jim Johnson, has said that the company’s treasury operations would be easier to handle thanks to Visa’s USDC settlement capacity.
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.Visa’s head of crypto Cuy Sheffield said in the announcement