Visa Expands Stablecoin Settlement Capabilities to Merchant Acquirers

September 05, 2023

Following a issuer pilot, Visa expands stablecoin settlement capabilities with Circle’s USDC, adding pilot programs with merchant acquirers Worldpay and Nuvei, and utilizing the Solana blockchain. Visa is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain and is working with merchant acquirers Worldpay and Nuvei. Before that pilot, settlement for cross-border purchases made on Visa cards required a days-long currency conversion process and costly international wire transfers. For these reasons, Visa chose to add support for Solana as a high performance blockchain that its partners can choose to send or receive USDC settlement payments. This makes Visa one of the first major payments companies at scale to directly utilize Solana for live settlement payments between its clients.

The source of this news is from Circle