Visa conducted a trial launch of payments in stablecoins in the SWIFT system
The payment company is working on implementing the ability to convert cryptocurrencies into fiat money and back into its system
Visa has conducted a trial run of payments in stablecoins in the SWIFT system, the head of the company's crypto division Qui Sheffield said at the StarkWare Sessions 2023 conference, Cointelegraph writes. He said global settlements with the conversion of digital assets into fiat currencies and vice versa is one of the areas Visa is investing in.
The test payments were made in USDC stablecoins on the Ethereum blockchain. According to the head of the crypto division of the company, it allows money transfers much faster. However, there are a number of restrictions in the SWIFT system, so it is not yet possible to transfer money as often as one would like, Sheffield said.
Visa has been conducting cryptocurrency transactions outside the SWIFT system for several years. The first transaction in USDC stablecoin, using the Ethereum blockchain, was conducted on the Crypto.com platform in March 2021.
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