Global on the net payments giant Visa stated it has picked Solana as the blockchain to check the potential to shell out for the stablecoin USDC.
Visa exams USDC stablecoin payments on Solana. Photo: Bloomberg
According to an announcement launched on the evening of Sept. five, Visa will perform a check of stablecoin payments on the Solana blockchain. The organization will operate with two companion units, Worldpay and Nuvei, to perform the exams.
Visa has also migrated hundreds of thousands of USDC from Ethereum to Solana to assistance partners check payments by means of the VisaNet network.
one/🏦Break: Visa expands stablecoin settlement pilot to Solana@Visa is expanding the USDC settlement pilot to contain the Solana blockchain, enabling enterprise-grade throughput at practically no expense to Visa issuers and merchant acquirers on Solana. https://t.co/rF5ouZaISM
— Solana (@solana) September 5, 2023
Cuy Sheffield, director of crypto at Visa, stated it will boost the stablecoin payment acceptance course of action to meet the increasing cross-border revenue transfer requires of lots of shoppers.
“Using the USDC stablecoin and global blockchain networks like Solana and Ethereum, we are improving the speed of cross-border payments for customers, as well as providing users with a modern option to send or receive money into their Visa account.”
Visa’s move came shortly just after competitor PayPal announced its self-produced stablecoin, PayPal USD (PYUSD), to acquire share in the stablecoin payments market place.
Visa is the 2nd e-commerce giant Solana has partnered with in latest weeks, just after Shopify in mid-August.
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