The global payments processor Visa has integrated support for USD Coin payments on the Solana blockchain to expand stablecoin services.
Visa has disclosed that it is conducting live pilot programs and successfully concluding them with issuers and acquirers. During these initiatives, Visa facilitates the seamless transfer of millions of USDC between partnering entities on the Ethereum and Solana blockchains to settle fiat-based payments.
As a global frontrunner in digital payments, Visa enables transactions across over 200 countries and territories. The payment processor connects consumers, merchants, financial institutions, and government entities. During its peak demand periods, Solana’s blockchain achieves over 2,000 transactions per second (TPS). The network maintains an average of 400 TPS across various use cases.
Visa is collaborating directly with merchant acquirers Worldpay and Nuvei. Their partnership will improve the efficiency and speed of settlement processes for merchants worldwide. Now, their clients can opt for settlement in USDC stablecoin rather than receiving fiat currencies. Visa aims to optimize the typically inconspicuous fund transfer process between banks, specifically from the issuer’s bank to the acquirer’s bank.
Cuy Sheffield, Visa’s Head of Crypto, stated that the company is enhancing cross-border settlement speed. Simultaneously, the company offers a contemporary choice for clients to send or receive funds from its treasury effortlessly. They can do so by harnessing stablecoins, like USDC, and leveraging global blockchain networks, like Solana and Ethereum.