Visa expands stablecoin settlement capabilities to Solana blockchain
Visa, a global leader in payments, is expanding its stablecoin settlement capabilities to the Solana blockchain. This move demonstrates Visa’s commitment to being at the forefront of digital currency and blockchain innovation.
Visa, a global leader in payments, is taking steps to modernize cross-border money movement by expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. The company is collaborating with merchant acquirers Worldpay and Nuvei to achieve this.
Visa has already conducted successful live pilots with issuers and acquirers, moving millions of USDC (USD Coin) between partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet. This innovative approach aims to improve the speed of cross-border settlement, providing a modern option for clients to easily send or receive funds from treasury.
The use of stablecoins like USDC and global blockchain networks like Solana and Ethereum enables payment companies to enhance the way money is moved worldwide. By leveraging these technologies, Visa is striving to be at the forefront of digital currency and blockchain innovation.
Stablecoin regulation, and policy framework around cross border payments will be in discussions for the forcoming G20 summit in India later this year.
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.
