Visa Will Start Settling Transactions with USDC Stablecoin: Report

• Visa announced the use of USDC, a stablecoin backed by the US dollar, to settle a transaction with the network over Ethereum in March 2021.
• Visa has been investigating ways to integrate blockchain technology into its infrastructure to facilitate quicker money transfers.

Visa Tests Ethereum Payments Using Stablecoin USDC

Payment card network Visa has begun testing how its system can accept payments and payouts on Ethereum (ETH) using the stablecoin USDC. USDC is a stablecoin, meaning that it is pegged to the US dollar, making it a more reliable form of payment than cryptocurrencies like Bitcoin.

The tests are being conducted by a team of engineers and researchers at Visa, who are exploring ways to incorporate blockchain technology into the company’s payment system. The team is focusing on scalability, security, and interoperability as key points.

The tests are being conducted using the Society of Worldwide Interbank Financial Telecommunications (SWIFT), a non-profit cooperative community founded by European bankers. SWIFT is a secure messaging system that is used to facilitate standardized transactions among its members.

If the tests are successful, Visa could begin accepting payments in ETH and USDC in the near future. This would be a major step forward for the adoption of cryptocurrencies, as it would make it easier for people to use them to make everyday purchases.

Visa is not the only major financial institution that is exploring the use of blockchain technology. In recent years, many banks and other financial institutions have begun to invest in blockchain research and development. This is because blockchain technology has the potential to revolutionize the way that financial transactions are processed.

If blockchain technology is successful, it could make financial transactions more secure, efficient, and transparent. This could have a major impact on the global economy.