Visa expands stablecoin settlement to Solana & Merchant Acquirers
By Delisha Fernandes
Visa, a global payments provider, has announced it is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain and is also working with merchant acquirers Worldpay and Nuvei.
Through live pilots with issuers and acquirers, Visa has already moved millions of USDC between its partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet.
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury,” said Cuy Sheffield, Head of Crypto, Visa. “Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”
As the payments giant aims to expand this capability to additional clients, there has been significant demand to leverage newer, high performance blockchains that can send and receive stablecoins with higher speed and lower costs. For these reasons, Visa chose to add support for Solana as a high performance blockchain that its partners can choose to send or receive USDC settlement payments.
“Visa’s USDC settlement capability enables Worldpay to bring more of our treasury operations in-house and allows us to offer merchants more choices for receiving funds,” said Jim Johnson, President of Worldpay Merchant Solutions, FIS. “Diversifying funding options and increasing flexibility is critical to serving the changing needs of global merchants in today’s rapidly evolving commerce landscape.”
Worldpay and Nuvei are global acquirers serving merchants worldwide from a diverse range of sectors. This includes a growing number of merchants interacting with the blockchain and crypto economy including on-ramp providers, games, and NFT marketplaces who may prefer to receive stablecoins over traditional fiat currencies for the card payments they accept. Using Visa’s own Circle account, Visa can now manage settlement payouts in USDC to Worldpay and Nuvei who can then route these payments in USDC to their end merchants.
IBSi Daily News Analysis
September 27, 2023
Looming data compliance issue still haunts FinTechs, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage