Visa now accepts USDCs to settle payments

Visa, one of the premier payment platforms announced that it has added a new option for cryptocurrency users. It allows them to make and settle payments using USDC stablecoins that use the Ethereum Blockchain network. By doing this, the company enlisted its name among the first’s to incorporate stablecoins as a settlement currency. Earlier, it only relied on fiat money to settle transactions and payments.

For this program, Visa is partnering up with Crypto.com, which allows the firm to handle all crypto-based transactions. However, the firm would have to make settlements in fiat currencies, which was a lengthy and complex procedure. Now, this issue has been resolved, says Chief Product Officer of Visa, Jack Forestell.

He also claims that this is a huge accomplishment for Visa because it has successfully addressed all crypto-based fintech companies’ requirements. Visa is extending its signature services to these companies, according to his opinion.

Kris Marszalek from Crypto.com mentioned that is venture would allow people across the world to easily use and access cryptocurrencies and reap the benefits, using the trusted network of Visa. The agent chosen for this purpose is Anchorage, a crypto-based bank. All USDC’s are redirected to Visa’s Ethereum address on Anchorage’s system.

Visa is making all the preparations to launch the program as soon as possible, after performing all the testing. If everything goes alright, then we may hear about this service by next year.

Visa’s competitor MasterCard is also planning to offer similar services.