Visa now supports Solana as a settlement option for stable coins
Visa has partnered with Worldpay and Nuvei for pilot operations to bring USDC stablecoin settlement to Solana.
Visa has made public its decision to extend its stablecoin settlement capabilities beyond Ethereum to the Solana blockchain. According to the firm, it has collaborated with Worldpay and Nuvei, two merchant acquiring companies, on trial projects.
The payments company Visa said in a news release that it has already transferred millions of USDC between its partners across the Solana and Ethereum blockchain networks as part of live trials to settle fiat-denominated payments approved by VisaNet.
According to Visa’s Head of Crypto, Cuy Sheffield, the move is an effort to facilitate faster international settlements and provide customers access to a stablecoin payment alternative. Sheffield said that by using stablecoins like as USDC and global blockchain networks such as Solana and Ethereum, Visa is helping to increase the speed of cross-border settlement and giving its customers a more convenient way to move money across the world.
Financial technology firms Worldpay and Nuvei serve retailers in many different industries. With Visa’s help, they want to let stores accept stablecoins like USDC as payment.
Visa is one of the first large payment organizations to include Solana as a supported blockchain for settlements, and this announcement marks the official launch of this integration.