A pilot project has been launched where merchants will be able to use the USDC stablecoin on the Solana network. Acquirers WorldPay and Nuvei became Visa’s partners in the project.
Visa has already transferred millions of USDC stablecoins between its partners via the Solana and Ethereum blockchain networks for settlement of fiat payments authorized through VisaNet.
“Using stablecoins like USDC and global blockchain networks like Solana and Ethereum, we help speed up cross-border payments and provide our customers with a modern way to easily send or receive funds from Visa’s treasury,” said Kai, head of Visa’s cryptocurrency division. Sheffield.
Visa has partnered with stablecoin issuers since 2021 and is now looking at settlement options that allow it to send onchain funds to acquirers such as Worldpay and Nuvei to speed up settlement times for their merchants.
Using its own USDC Circle account, Visa can now manage settlement payments in USDC for Worldpay and Nuvei, who in turn can route these payments in USDC to their end merchants. At the same time, support was added for Solana as a high-performance blockchain that its partners can choose to send or receive settlement payments in USDC.