VISA embraces Solana. The adoption of cryptocurrency is evolving in multifaceted ways. Beyond tracking active wallet numbers, a surprising trend emerges: traditional digital payment giants are now actively supporting this space. Crypto purists may question their involvement, yet VISA has announced the launch of its USDC stablecoin settlement feature on the Solana blockchain.
VISA Aims to "Modernize Cross-Border Money Movement"
VISA has increasingly explored cryptocurrency integration, driven partly by fierce competition with MasterCard. Their stated mission? Simplifying access to the digital economy, often perceived as complex and risky.
While crypto ecosystems inherently enable peer-to-peer settlements without intermediaries, traditional payment networks like VISA strategically leverage crypto innovations—benefiting more than they contribute.
VISA seeks to revolutionize cross-border transactions via stablecoins
Cross-border payments represent the flagship use case for stablecoins. As VISA explains in its press release, stablecoins bypass "multi-day currency conversion processes and costly international wire transfers":
"Crypto.com can now send USDC across borders via Ethereum’s blockchain directly to a Circle-managed account under VISA’s treasury. This reduces transfer delays and complexities."
This stems from a 2021 pilot project with Crypto.com, testing USDC for treasury operations—deemed a success per VISA’s case study. Clearly, this marks a new chapter in VISA’s crypto journey.
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VISA Extends Services to Solana
Previously, VISA’s stablecoin settlement was exclusive to Ethereum. While strategic, Ethereum’s high gas fees posed scalability challenges. Now, VISA has officially expanded this service to Solana, aiming to "bridge traditional finance and Web3" with partners Worldpay and Nuvei. These firms enable faster USDC settlements for merchants.
VISA’s USDC payment solution goes live on Solana
"VISA commits to leading digital currency and blockchain innovation, leveraging these technologies to enhance money transfer efficiency."
After successful pilots, VISA confirms transferring "millions of USDC between partners via Solana and Ethereum", processed through VisaNet.
With competitors like X (Twitter) entering crypto payments, stablecoins solidify their role in global monetary challenges.
FAQ
Q: Why did VISA choose Solana?
A: Solana offers lower transaction fees and faster speeds compared to Ethereum, making it scalable for high-volume settlements.
Q: How does USDC benefit cross-border payments?
A: USDC eliminates multi-day bank delays and reduces fees by enabling direct blockchain transfers.
Q: Is VISA’s solution available to individual users?
A: Currently, it targets institutional partners and merchants, not retail consumers.