Visa uses the USDC digital stablecoin to settle the first financial transaction
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Answer Visa uses the USDC digital stablecoin to settle the first financial transaction
Visa is set to become the first major payment network to use the USDC digital stablecoin for settlements.
Visa, by partnering with the popular cryptocurrency platform Crypto.com, will offer the settlement of monetary transactions using the Ethereum blockchain.
According to announce Today, the use of the Ethereum blockchain will eliminate the need to convert cryptocurrencies into cash (fiat) before the transaction can take place, removing the complexities that previously existed.
The traditional standard settlement process requires companies and parties to settle the transaction in traditional fiat currency.
This can add cost and complexity to businesses created with digital currencies.
As such, Visa will provide USDC digital currency settlements that will help crypto companies evaluate fundamentally new business models without the need for traditional currencies in their treasury and settlement workflows.
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Essentially, it will enable Crypto.com (and other crypto companies in the future) to send USDC to Visa’s Ethereum address for settlement of transactions.
This will be possible by linking Visa’s treasury to the Anchorage crypto platform.
The announcement also indicated that Visa will be able to directly support new central bank digital currencies (CBDCs) when they appear in the future.
Jacques Forrestel, Executive Vice President of Visa and Head of Production, said:
Today’s announcement represents a major milestone in our ability to meet the needs of fintech companies operating in stablecoins or cryptocurrencies.
It is truly an extension of what we do every day, as it facilitates and securely payments in all different currencies around the world.
Previously, Crypto.com allowed customers residing in Canada to apply for crypto-enabled Visa cards.
The two parties doubled down on their relationship earlier this month when Crypto.com joined the Visa network by expanding its cryptocurrency debit card program.
Interestingly, today’s announcement had an immediate positive impact on the price of Ethereum, as the coin surged above $1,750 shortly after the news broke.
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Read also:
“Visa” is moving towards the use of the digital stable currency “USDC” … details here
Visa is working on digital wallets that can convert Bitcoin into fiat currencies
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