Visa has moved millions of USDC between its partners over Solana and Ethereum to settle fiat-denominated payments
Global payments processing giant Visa has announced expanding its stablecoin settlement capabilities to the Solana blockchain.
Visa has successfully conducted real-world pilot tests with both issuers and acquirers, facilitating the seamless transfer of millions of USDC stablecoins tokens across the Solana and Ethereum blockchain networks. These transfers were executed to settle fiat currency-based payments that had been authorized through VisaNet.In the latest announcement, Visa also revealed working with merchant acquirers Worldpay and Nuvei.
This work subsequently led to a successful pilot leveraging USDC and the Ethereum blockchain to receive payments from Crypto.com specifically for cross-border transactions within their active card program in Australia. The pilot essentially eliminated the cumbersome process involving conversions and costly international wire transfers for cross-border purchases on Crypto.com Visa cards. As a result, Crypto.com has transitioned to USDC to fulfill its settlement obligations for its Visa cards in Australia.
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