Visa has announced the extension of its stablecoin settlement capabilities to the Solana blockchain, in addition to its existing support for Ethereum.
This expansion comes as part of a collaborative effort with merchant acquirers Worldpay and Nuvei, marking a pivotal moment in the world of digital payments.
Visa has already taken steps to put this into practice, conducting live pilot programs that involved the transfer of millions of USDC stablecoins across both the Solana and Ethereum blockchain networks.
These transactions were instrumental in settling fiat-denominated payments, all authorized via Visa’s global payment network, VisaNet.
Visa had previously utilized USDC stablecoins for settlements, but this announcement takes things a step further by extending this capability to the Solana blockchain.
This is noteworthy because Solana is renowned for its high-performance attributes, including faster transaction speeds and lower costs.
Visa’s traditional focus has been predominantly on the issuer side of transactions. However, the latest announcement signifies a shift towards engaging merchant acquirers like Worldpay and Nuvei.
This strategic move aims to expedite settlement times for merchants, which could prove particularly advantageous for those operating in the dynamic crypto and blockchain spheres.
Visa’s extensive network spans nearly 15,000 financial institutions and operates across more than 25 currencies globally.
The integration of stablecoins, such as USDC, into this vast network has the potential to revolutionize how cross-border transactions are conducted. It could enhance the speed and efficiency of global payments, benefiting businesses and individuals alike.