Visa Expands USDC Stablecoin Settlement to Merchants via Solana
Visa is expanding its stablecoin settlement capabilities to merchant acquirers Worldpay and Nuvei using USDC on the Solana blockchain. The company has already moved millions in USDC to settle fiat payments across its network.
Visa expands its stablecoin settlement capabilities to merchant acquirers Worldpay and Nuvei using Circle's USDC on the high-performing Solana blockchain. This expansion builds on a previous issuer pilot with Crypto.com and highlights Visa's ongoing effort to modernize cross-border money movement. Through live pilots with issuers and acquirers, Visa already moves millions of USDC over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet.
When consumers use Visa cards to make purchases, funds need to move seamlessly between the issuing bank and the merchant's acquiring bank. Visa's treasury and settlement systems handle the clearing and movement of billions in transactions daily across nearly 15,000 financial institutions and more than 25 currencies. By integrating stablecoins like USDC and blockchain networks like Solana and Ethereum into this process, Visa aims to improve the speed of cross-border settlement.
Cuy Sheffield, Head of Crypto at Visa, states that these modern options allow clients to easily send or receive funds from Visa's treasury. Visa first began testing USDC inside its treasury operations in 2021, leading to a successful pilot with Crypto.com that used the Ethereum blockchain to receive cross-border payments for an Australian card program. This new step demonstrates Visa's commitment to staying at the forefront of digital currency and blockchain innovation to improve global money movement.