Visa Enhances Stablecoin Settlement with Solana

Sep 5, 2023

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Visa just announced that it’s expanding its stablecoin settlement capabilities to Solana.

Expanding Stablecoin Settlement

Visa, a global payments leader, is taking a significant step towards improving international money transfers. The its stablecoin settlement abilities to the high-performance Solana blockchain. This move comes alongside collaborations with merchant acquirers Worldpay and Nuvei.

1/ We are excited to announce that Visa has expanded our stablecoin settlement capabilities to merchant acquirers launching pilots with and utilizing the Solana blockchain

— Cuy Sheffield (@cuysheffield)

Quick Cross-Border Transactions

Visa’s objective is to use stablecoins like USDC (a type of cryptocurrency pegged to the US dollar) and advanced blockchain systems such as Solana and Ethereum to accelerate cross-border settlement. This innovation enables clients to effortlessly send or receive funds from Visa’s treasury with heightened efficiency.

Smoother Purchases

When consumers use their Visa cards for purchases worldwide, the payment authorization is almost instantaneous. However, behind the scenes, funds need to move between the buyer’s bank (issuer) and the seller’s bank (acquirer). Visa’s systems guarantee smooth operations for billions of daily transactions across various currencies. This intricate process involves around 15,000 financial institutions and more than 25 currencies.

Partnering for Progress

Visa’s collaboration journey began with Crypto.com in 2021. They conducted trials involving USDC to streamline settlement on the issuance side. As a result, Crypto.com can now use USDC for settlement obligations on Visa cards in Australia, optimizing the process and reducing the need for time-consuming currency conversion.

A Leap Forward

In conjunction with partners Worldpay and Nuvei, Visa is advancing beyond issuers to reach acquirers. These merchant-focused fintech companies stand to benefit from Visa’s enhanced settlement options, which include sending funds on blockchain networks to expedite settlement times for merchants.

Embracing Solana’s Potential

Visa’s pursuit of innovation led them to incorporate the Solana blockchain, renowned for its speed and efficiency. By supporting Solana, Visa positions itself at the forefront of payments technology. With block times as short as 400 milliseconds and the capability to handle over 400 transactions per second, Solana enables Visa to provide even quicker settlement services.

Towards a Digital Future

Visa’s future outlook involves continuous collaboration and innovation. They aim to empower businesses globally by offering diverse options for receiving payments. This expansion of stablecoin settlement capabilities is a pivotal step in modernizing the financial landscape, enhancing cross-border transactions, and embracing the potential of digital currencies.

9/ It’s still early days, but Visa has already settled millions of dollars of USDC over the Ethereum and Solana blockchains between our clients. We are committed to continuing to innovate around how we move money and providing our clients modern options for settlement

— Cuy Sheffield (@cuysheffield)

Conclusion

Visa’s endeavors to enhance cross-border payments through stablecoin settlement on advanced blockchain networks reflect their commitment to shaping a more efficient and interconnected financial world. Through partnerships, innovation, and the adoption of cutting-edge technologies like Solana, Visa is poised to lead the way in modernizing the global money movement.

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