Visa announces today a groundbreaking innovation in the payment industry that bridges the worlds of digital currencies and traditional fiat money: the use of USD Coin (USDC), a dollar-backed stablecoin, to settle Visa transactions via the Ethereum blockchain. This initiative is currently being piloted with Crypto.com, one of the world’s largest cryptocurrency platforms and a Visa partner, with plans to expand USDC settlement capabilities to additional partners later this year.
A Leap Forward in Digital Currency Settlement
Supporting digital currencies as a new settlement method marks a significant milestone in Visa’s strategy to become the "network of networks," enhancing all types of fund movements—whether within or beyond its payment ecosystem. Leveraging its global reach, partnership model, and trusted brand, Visa aims to add unique value by making cryptocurrencies safer, more practical, and widely applicable for payments.
Key Developments:
- Pilot Program: Visa partnered with Anchorage, a federally chartered digital asset bank, to test USDC settlements for Crypto.com’s Visa card program.
- Infrastructure Upgrade: Visa’s treasury system now supports digital currency settlements alongside traditional fiat, reducing costs and complexity for crypto-native businesses.
- CBDC Readiness: The integration prepares Visa to handle emerging central bank digital currencies (CBDCs) in the future.
👉 Discover how USDC is transforming payments
Executive Insights
Jack Forestell, Visa’s Chief Product Officer:
"Crypto-native fintechs need partners who understand digital currency complexities. Today’s announcement reflects our commitment to enabling secure payments across all currencies, including stablecoins."
Kris Marszalek, Crypto.com CEO:
"Our deepened partnership with Visa accelerates the adoption of stablecoin payments—a first-of-its-kind innovation."
Diogo Mónica, Anchorage Co-Founder:
"Visa’s use of our APIs demonstrates how institutions can build next-gen crypto products."
David Puth, Centre CEO (USDC issuer):
"Visa’s integration of USDC aligns with our mission to connect the global economy through standardized stablecoins."
FAQs
1. How does USDC settlement work with Visa?
Transactions are settled via Ethereum, with USDC transferred from Crypto.com to Visa’s Anchorage-held account, reducing reliance on traditional fiat.
2. What are the benefits for crypto businesses?
Eliminates fiat conversion costs and simplifies treasury workflows, enabling new business models.
3. Will Visa support other stablecoins?
While USDC is the first, Visa is exploring additional digital currencies as demand grows.
4. Is this available globally?
The pilot is currently limited to select partners but aims for broader rollout by end of 2025.
5. How does this impact traditional banking?
Visa’s infrastructure upgrades ensure seamless coexistence of digital and fiat settlements.
About Visa Inc.
Visa (NYSE: V) is a global leader in digital payments, processing over 65,000 transactions per second through VisaNet. Committed to innovation, Visa drives the shift toward a cashless future.
👉 Explore Visa’s payment solutions
Press Contact:
Visa / In Press Porter Novelli
Email: [[email protected]] | Phone: +1 (11) 3323-3781
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