Visa is to become the first large payments network to use a stablecoin as a settlement currency. By partnering with the popular cryptocurrency exchange Crypto.com, the San Francisco-headquartered giant will offer a crypto settlement system for fiat transactions based on the Ethereum blockchain.
According to the announcement from earlier today, Visa has joined forces with Crypto.com to bring its first-ever non-fiat settlement program.
The company’s standard settlement process requires parties to settle in a traditional fiat currency. This can “add cost and complexity for businesses built with digital currencies.”
As such, Visa will provide USDC settlements that can help cryptocurrency companies “evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows.”
Essentially, the pilot will enable Crypto.com (and other crypto companies in the future) to send USDC to Visa’s Ethereum address to settle transact
Źródło: https://cryptopotato.com/visa-to-settle-usdc-transactions-on-ethereum/
