Visa, the multinational financial services corporation, has announced the expansion of its stablecoin settlement capabilities to the Solana blockchain. In collaboration with payment platforms Worldpay and Nuvei, Visa aims to streamline cryptocurrency payments for cardholders globally.
Visa’s Stablecoin Settlement on Solana
On September 5, Visa revealed its initiative to integrate Solana into its stablecoin settlement infrastructure. This move enhances cross-border transaction efficiency using USDC (USD Coin) and blockchain networks like Solana and Ethereum.
Cuy Sheffield, Visa’s Head of Crypto, emphasized:
By leveraging stablecoins like USDC and global blockchain networks, we’re accelerating settlement speeds and offering clients a modern way to send or receive funds via Visa.
USDC Settlement Testing via Crypto.com
Since 2021, Visa has piloted USDC settlements in partnership with Crypto.com. The collaboration enabled Crypto.com Visa cardholders in Australia to settle transactions using USDC, reducing reliance on slow international wire transfers.
Circle CEO Jeremy Allaire noted:
USDC’s integration with Visa exemplifies blockchain’s potential to redefine payments.
Key Partnerships: Worldpay and Nuvei
Visa’s expansion includes direct USDC settlements for merchant acquirers:
- Worldpay: A leading payment processor for global merchants.
- Nuvei: Facilitates crypto-friendly payment solutions for businesses.
This partnership aims to:
- Expedite merchant payouts.
- Encourage stablecoin adoption among Web3-oriented businesses.
👉 Explore how Visa’s crypto partnerships are reshaping payments
Market Impact: SOL Price Surges 5%
Following the announcement, Solana’s native token (SOL) rose 5.05%, peaking at $20.5. The integration underscores Solana’s growing role in institutional crypto adoption.
FAQ Section
Q1: How does Visa’s Solana integration benefit users?
A1: It enables faster, cost-effective cross-border settlements using USDC, reducing traditional banking delays.
Q2: Which platforms support Visa’s USDC settlements?
A2: Currently, Crypto.com, Worldpay, and Nuvei are key partners.
Q3: Will more merchants accept stablecoins through Visa?
A3: Yes, as Web3 adoption grows, businesses may prefer USDC over fiat for its speed and transparency.
Q4: Is Solana the only blockchain Visa supports?
A4: No, Ethereum is also part of Visa’s multi-chain strategy.
Why This Matters
Visa’s Solana integration marks a pivotal step in bridging traditional finance with decentralized technologies. By optimizing stablecoin utility, Visa enhances payment scalability while fostering crypto mainstream acceptance.
👉 Discover the future of crypto-powered payments