Visa has chosen Solana, a high-performance blockchain platform, to improve its cross-border payments. This collaboration aims to leverage Solana’s scalability and speed to enhance Visa’s existing infrastructure. By integrating Solana’s technology, Visa aims to provide faster, more efficient, and secure cross-border payment solutions to its users. This partnership showcases the growing adoption of blockchain technology in the global payments industry.
Visa Extends Stablecoin Settlement Capability to Solana Blockchain
Visa, a global leader in digital payments, announced on September 5 its plans to modernize cross-border money movement by extending its stablecoin settlement capabilities to the Solana blockchain. This move aims to enhance the efficiency and speed of settlement processes for merchants worldwide, optimizing the transfer of funds between banks.
Visa is collaborating with merchant acquirers Worldpay and Nuvei to facilitate these improvements. Leveraging its Circle account, Visa will manage settlement payouts in USDC (USD Coin) to Worldpay and Nuvei, who can then instantly route these payments in USDC to their end merchants. By utilizing the Solana blockchain, which can handle up to 2,000 transactions per second, Visa aims to enhance the speed of cross-border settlement.
Cuy Sheffield, the Head of Crypto at Visa, highlighted the significance of stablecoins like USDC and blockchain networks like Solana and Ethereum in improving cross-border settlements. This step provides Visa’s clients with a modern option to easily send or receive funds from Visa’s treasury.
The extension of stablecoin settlement capabilities to Solana follows a successful two-year pilot program with Crypto.com. Visa was one of the first major payment networks to test stablecoin settlement on the issuance side. During the pilot, Visa integrated USDC into its treasury operations on its live card program in Australia, allowing it to receive payments from Crypto.com through the Ethereum blockchain. This reduced the time and cost associated with currency conversions and international wire transfers.
Crypto.com now utilizes USDC for settlement obligations on Visa cards in the Australian market and plans to expand this capability to other markets. Jeremy Allaire, Co-founder and CEO of Circle, the company behind USDC, sees the expansion of the pilot program as a way to open up the future of payments, commerce, and financial applications.
Visa’s commitment to leveraging cutting-edge technologies like stablecoins and blockchain networks is evident in their pursuit of enhancing the speed and efficiency of cross-border settlements. The company aims to be at the forefront of digital currency and blockchain innovation and utilize these technologies to improve money movement.
Philip Fayer, Chair and CEO of Nuvei, emphasizes the vast range of applications for stablecoins such as USDC. He believes stablecoins can accelerate the growth of online businesses globally and optimize cross-border transactions, driving innovation across various sectors.
By offering support for Solana, Visa positions itself as one of the first major payment companies to directly utilize the network for live settlement payments between its clients. This step showcases Visa’s commitment to adopting new technologies and providing merchants with more choices for receiving funds.
In conclusion, Visa’s extension of stablecoin settlement capabilities to the Solana blockchain demonstrates its dedication to modernizing cross-border money movement. Through collaborations with merchant acquirers and the use of stablecoins and blockchain networks, Visa aims to enhance the speed and efficiency of settlements, benefiting merchants and facilitating global business growth.
1. Visa Expands Stablecoin Settlement to Solana Blockchain: Enhancing Cross-Border Money Movement
2. Visa Collaborates with Worldpay and Nuvei to Optimize Cross-Border Settlements through Stablecoins and Blockchain