Published on March 29, 2021
Written by Decentralized Dog
Visa has announced that it will allow transactions in its payments network to be settled using USD Coin on the Ethereum blockchain.
The finance giant has been engaged in a pilot program with Crypto.com,
a partner that’s known for issuing Visa-branded crypto debit cards.
During a trial, Crypto.com used the stable coin to send funds to Visa’s Ethereum address at Anchorage, a custody service for digital assets.
‘A Major Milestone’
Visa says that it now intends to support USD Coin transactions for a greater number of its partners in the crypto space. It’s hoped that this arrangement will save these fintech firms time and money — eliminating the need for them to deal with fiat currencies.
Jack Forestell, Visa’s executive vice president and chief product officer, said:
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”
Crypto.com’s co-founder and CEO Kris Marszalek was equally enthusiastic, adding:
“We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently. Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stable coin payments.”