Visa has partnered with leading merchant acquirers Nuvei and Worldpay to streamline cross-border stablecoin transactions. The company announced the extension of its stablecoin settlement capabilities to the Solana blockchain, enabling USDC payments alongside Ethereum. This move aims to enhance efficiency in global payments.
Visa Simplifies Cross-Border Stablecoin Payments
Visa is leveraging Solana's high-performance blockchain to improve stablecoin settlements. In a recent press release, Visa confirmed the integration of USDC payment services with Solana, targeting faster and more cost-effective cross-border transactions.
Key highlights:
- Multi-blockchain support: Settlements now possible via Solana and Ethereum.
- Live testing: Millions of USDC already transferred between partners.
- Merchant-friendly: Nuvei and Worldpay facilitate USDC payouts to merchants globally.
Cuy Sheffield, Head of Crypto at Visa, emphasized the company's commitment to innovation:
"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."
Strategic Partnerships for Real-Time Settlements
Visa’s collaboration with Nuvei and Worldpay enables real-time USDC payments to merchants. Solana was chosen for its scalability and low transaction costs.
How it works:
- Visa uses its Circle account to manage USDC settlements.
- Worldpay and Nuvei route these payments to end merchants.
- Transactions are settled instantly on Solana or Ethereum blockchains.
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FAQs
Why did Visa choose Solana for stablecoin settlements?
Solana offers high throughput and low fees, making it ideal for fast, cost-efficient cross-border payments.
Which stablecoin does Visa use for settlements?
Visa uses USDC (USD Coin), a regulated stablecoin pegged 1:1 to the US dollar.
Can merchants receive payments in fiat currency?
Yes, Visa converts USDC settlements to fiat through its partners, ensuring compatibility with traditional banking systems.
How does this benefit cross-border transactions?
Blockchain reduces settlement times from days to seconds while cutting intermediary costs.
Is Visa planning to support other blockchains?
While focused on Solana and Ethereum, Visa remains open to integrating additional networks that meet its performance and compliance standards.
The Future of Digital Payments
Visa’s expansion into Solana underscores the growing role of blockchain in mainstream finance. By bridging traditional systems with decentralized technologies, Visa is positioning itself at the forefront of payment innovation.
Key takeaways:
- Stablecoins like USDC are becoming critical for global settlements.
- Blockchain adoption reduces costs and delays in cross-border payments.
- Partnerships with fintech firms accelerate real-time payment solutions.
👉 Discover more about crypto payment solutions
About the author:
Tim Fries is the co-founder of The Tokenist, with a background in mechanical engineering and an MBA from the University of Chicago Booth School of Business. He specializes in FinTech and decentralized finance trends.
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