It appears that VISA is gearing up to become the first payment processing firm to use stablecoins for settlements on their network.
The company’s crypto division head, Cuy Sheffield, confirmed the development at the StarkWare Sessions 2023.
VISA has been testing the feasibility of accepting payments made using stablecoins on the Ethereum blockchain.
VISA has also proposed implementing programmable, automatic payments on Ethereum using “account abstraction.” Furthermore, former CEO Al Kelly recently spoke at the company’s annual shareholder meeting, where he briefly discussed VISA’s ambitions for CBDCs and private stablecoins.
It seems that VISA is paving the way for payments to be processed fully through blockchain networks and is seriously considering replicating some of its value “on top of blockchain rails.”
With the implementation of stablecoin settlements, VISA could potentially revolutionize the payments industry and enable more efficient, cost-effective settlements on its platform.
