Payments company Visa has planned to test a payments system for accepting virtual assets transactions from its users.
The latest news resulted from an official announcement from Visa’s Cuy Sheffield, the Head of Crypto, which spoke during the 2023 edition of StarkWare Sessions. According to the company executive, Visa recently experimented with transfers of large values in which Visa accepts digital USD payments that are tokensied and settled in traditional USD. The company reportedly wants to start with USDC transactions on the Ethereum network. USD Coin (USDC) represents Circle’s issued main stablecoin. In March 2021, Visa announced that it supports USDC.
The Head of Crypto at Visa declared that they have tested how to provide acceptance for payments settlement for USDC and pay outs in USDC, both on Ethereum. The latest news from Visa follows a global shift in focus towards stablecoins and how to regulate the market as a result of recent crypto downfalls.
According to Swarm’s co-founder, Visa’s entry into the settlement of cryptocurrency payments represents a majors step forward in encouraging innovation across the world’s financial infrastructure.
Visa’s strategy could highlight a cornerstone in blockchain adoption and cryptocurrency popularity, helping DeFi (decentralized finance) and TradFi (traditional finance) to integrate.
