Visa settles transactions in USD Coin (USDC). For clarity, Visa is a leader in digital payments.  They are focusing on connecting to the most innovative, reliable and secure payment network.  Thus, making it easy for individuals and businesses to thrive.

Reportedly, VisaNet, makes it possible for its users to make secure and reliable payments across the world.  They have a network capable of handling more than 65,000 transaction messages a second.

Visa are continually focusing on innovation as a catalyst to facilitate rapid growth of digital commerce on any kind of device to be used by everyone and everywhere.

As the world moves from analog to digital, Visa are propelling their brand, products, people, network and scale to reshape the future of commerce.

VISA have now announced a major industry first concept in bridging the worlds of digital and traditional fiat currencies. 

They have now announced that they will use USD Coin (USDC) a stablecoin which will be backed by the US dollar to settle transactions with Visa over the Ethereum network. 

Visa are experimenting the capability with Crypto.com, who will be their Visa partner.  Visa are one of the world’s largest crypto platforms.  They are planning to provide the USDC settlement capability to additional partners like Crypto.com later this year if all goes well.

The support provided by Visa for digital currencies as a new type of settlement currency is a milestone step forward for Visa’s network of networks strategy.  This is designed to improve all forms of money movement, whether on the Visa network or beyond.

Visa is using its global presence, partnership approach, and trusted brand in facilitating differentiated value to the ecosystem, thus, making cryptocurrencies more secure, useful, and applicable for payments.

The standard settlement process of Visa requires that its partners settle in traditional fiat currency.  This adds to the expenditure and the procedural hurdles for businesses who are transacting making use of cryptocurrencies and other kinds of digital currency.

The facility to settle in USDC will ultimately help Crypto.com and several other crypto native companies to basically develop an idea about how new business models can function without using traditional fiat in their treasury for their settlement workflows.

Thus, Visa’s treasury integration with Anchorage is expected to strengthen Visa’s ability to directly accept Central Bank Digital Currency (CBDC) as they happen in the future.

Those in the Fintech industry, are willing to work with partners who will understand the complexities and business processes of the businesses who have their services and solutions processed through digital currency.