In a report credited to Reuters, Visa will utilize the USDC stablecoin on the Ethereum blockchain, whose value is directly pegged to the US dollar.
The decision positions the payment giant as the first major payments network to adopt a stablecoin as a settlement currency. This is a major win for the cryptocurrency community, indicating a growing acceptance of cryptocurrencies from traditional financial institutions. Until now, Visa relied only on fiat currencies for settlements.
Commenting on the development, Visa’s chief product officer Jack Forestell said:
Meanwhile, Visa has partnered with digital asset bank Anchorage. This means that Crypto.com will send USDC settlements to Visa’s Ethereum address at Anchorage. According to Reuters, the first transaction for the month has already been completed.
Recall that at the beginning of last month, Visa Inc (NYSE:V).’s CEO, Alfred Kelly, hinted at plans to enable cryptocurrency trading on its network.
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Source: Cryptocurrency - investing.com
