Visa has announced the expansion of its stablecoin settlement capabilities to merchant acquirers, with pilots being launched with Worldpay and Nuvei using the Solana blockchain.
In 2021, Visa first started venturing into USDC settlements via a partnership with Crypto.com. In the trial, Crypto.com’s Australian card program’s cross-border volume was paid for using Ethereum-based USDC. This was done in order to explore stablecoin settlement on the issuing side.
Visa now plans to expand its USDC settlements to include Solana, allowing it to transmit money to USDC merchant acquirers like Worldpay and Nuvei. This integration of USDC is expected to shorten settlement periods for businesses that use their services.
Cuy Sheffield, the head of crypto at Visa, mentioned that using blockchains like Ethereum and Solana and stablecoins like the USDC can help increase the speed of cross-border settlements. Furthermore, Jim Johnson, president of Worldpay Merchant Solutions, stated that Visa’s USDC settlement capacity would allow it to give merchants more options for receiving money and more effectively manage its treasury operations.
Overall, this expansion of Visa’s stablecoin settlement capabilities is a significant development in the cryptocurrency space, as it allows Visa to bridge the traditional finance world with Web3.