Visa Extends Stablecoin Settlement System to Solana

Visa announced that it has extended its stablecoin settlement mechanism to Solana, helping Visa settle USDC payments on its blockchain along with Ethereum using merchant acquirers like Nuvei and Worldpay.

Visa to Simplify Cross-Border Stablecoin Payments

Visa has decided to boost stablecoin settlements using the Solana blockchain. In a new press release, the firm announced that it has expanded its USDC payments services to Solana, intending to improve cross-border payment efficiency.

The firm has also partnered with leading merchant acquirers like Nuvei and WorldPay to help merchants receive payments in USDC via the Solana and Ethereum blockchains. It has already conducted several live tests with pilots and issuers before announcing the official announcement to the masses. Per the statement, Visa has “already moved millions of USDC between its partners over the Solana and Ethereum blockchains to settle fiat-denominated payments authorized by VisaNet.”

Speaking about Visa’s newest stablecoin endeavor, Cuy Sheffield, the head of crypto at Visa, shared how the firm is committed to serving its users by leveraging digital currency mechanisms to process cross-border payments quickly.

“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. Visa is committed to being at the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.

Sheffield later shared

Visa partners With Fintech Firms WorldPay and Nuvei to Process Quick stablecoin Settlements

Dubbed an expansive move, Solana has been selected by Visa preferably for its high-performance capabilities “that can send and receive stablecoins with higher speed and lower costs.”

To settle USDC payments in real-time, Visa has entered a strategic partnership with merchant acquirer firms WorldPay and Nuvei. By leveraging these merchant acquirers, Visa intends to manage and send USDC payments to merchants globally in real-time.

“Using Visa’s own Circle account, Visa can now manage settlement payouts in USDC to Worldpay and Nuvei, who can then route these payments in USDC to their end merchants.

The statement further adds

This article originally appeared on The Tokenist