Visa to launch stablecoin payments based on Solana blockchain
Visa will introduce payments in stablecoins based on the Solana blockchain
Pilot testing has shown increased throughput and low fees
Visa is set to revolutionize payment services by introducing stablecoins based on the Solana blockchain. The move is part of Visa's efforts to expand the functionality of traditional payment methods. Initial pilot tests have shown not only an increase in throughput but also a reduction in transaction fees. Visa's acquisitions of Worldpay and Nuvei have played a key role in creating new payment options.
The company's cryptocurrency division, led by Kai Sheffield, has expressed enthusiasm for using stablecoins, particularly USDC, alongside global blockchain networks such as Solana and Ethereum. This strategic shift aims to increase the speed of cross-border transactions by offering Visa customers a modern and convenient means to send or receive funds from their Visa treasury.
Visa is actively exploring cryptocurrency initiatives, including a recent experiment to pay cryptocurrency fees on the Ethereum network using regular bank cards. According to the company, if this technology becomes widespread, it could make Ethereum more accessible and convenient for a wider audience.
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