Visa, the global payments firm, has expanded its stablecoin settlement capability to include USDC tokens issued on the Solana blockchain. This move is part of Visa’s efforts to expand its stablecoin offering and bridge traditional finance with Web3. The company has conducted live and completed pilots with issuers and acquirers, moving millions of USDC tokens between partners on the Ethereum and Solana blockchains to settle fiat-based payments. Visa’s integration of USDC into its ecosystem allows for faster cross-border settlement and provides merchants with more choices for receiving funds. This development is seen as a fundamental blockchain innovation that could revolutionize payments and commerce. Visa is also exploring solutions to make off-chain gas fee settlements for Ethereum using smart contracts. Overall, Visa’s expansion of its stablecoin settlement capability demonstrates its commitment to embracing cryptocurrencies and blockchain technology.
