Visa has announced an upgrade in its stablecoin adoption plans, with its partnership with the Solana blockchain for joining USDC payments on its platform.
Visa, the global payments firm, has made an announcement recently through a press release. The corporation is going to introduce USDC payments along with the other existing mechanisms. The payments would be settled on the Solana blockchain. The development could go a long way in enhancing stablecoin adoption.
According to their press note, the firm saw various pilots with token issuers. It moved USDC tokens on a large scale between partners on both the Solana and Ethereum blockchains. It has now gone ahead with integrating the USD Coin in its platform.
USDC would also be able to form a link between blockchain technology and the traditional settlement system of Visa.
Cuy Sheffield, who heads crypto at Visa, said, “By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.”
Circle, which built USDC, also appreciated how Visa utilized the stablecoin’s use cases. Its CEO, Jeremy Allaire, said Visa’s innovation with blockchain technology could unlock the potential of payment systems.
Visa is also one of the first payment firms to use the Solana blockchain for real-time payment settlements. Earlier, it had partnered with Shopify for stablecoin payments through Solana Pay.