Payments giant Visa has launched a pilot project in which merchants will be able to use the USDC stablecoin on the Solana network.
In 2021, the company began testing USDC in Ethereum in partnership with Crypto.com
The choice of Solana is due to faster and cheaper transactions compared to the blockchain of the second largest cryptocurrency by capitalization.
The partners in the project were WorldPay and Nuvei. They will act as recipients of USDC from the Visa account with the issuer of the stablecoin Circle to interact with merchants.
“The pilot demonstrates how combining USDC with Visa innovation unlocks the future of payments, commerce and financial applications,” Circle CEO Jeremy Allair said.
The head of the cryptocurrency division of Visa, Kai Sheffield, in an interview with Fortune said that the processing time for transferring money to and from the treasury will remain the same.
“At this early stage, we’re just providing the ability to send or receive USDC instead of wire transfer, but we’re not necessarily making money transfer faster. Over time, I think there is potential to change that.” he explained.
The top manager said that the company realized the role of “stablecoins”.
“We have come to the point where it became clear that stablecoins can play a certain role in payments, solving real problems”he explained.
A company representative confirmed the termination of cooperation with Binance for the issuance of cryptocurrency cards amid regulatory problems of the exchange. Sheffield did not comment on the issue of readiness to completely close the partnership with the platform.
Recall that in April, Visa announced the recruitment of developers for its cryptocurrency division.
Earlier, CEO Alfred Kelly said that blockchain-based solutions will be integrated into the company’s services to support next-generation payments.
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