Credit Card Giant Visa Testing USDC Payments on Ethereum

• Visa experimenting USDC stablecoin on Ethereum.
• Visa will have access to smart contract-based payment options.

The credit card giant Visa aims to integrate Ethereum blockchain-powered solutions into its services. According to the firm, they have been experimenting with “how to accept payments from issuers in USDC on Ethereum and payout in USDC”. Additionally, there are large settlement payments.

The President of the cryptocurrency division at Visa announced this in StarkWare Sessions 2023. However, to support the future generation of payments, the world’s largest payments company, Visa, intends to meet customers’ demands to convert digital assets into fiat payments. 

Also, Visa CEO Alfred F. Kelly believes that stablecoins and CBDCs can play a meaningful role in the future payments space. As he is optimistic about incorporating blockchain-powered solutions into their services.

USDC Price Track

Along with other cryptocurrencies, the stablecoin USD Coin (USDC) also tumbled due to the recent market bearish momentum. Currently, the cryptocurrency market recovering from the prolonged downtrend. The global digital market has a market cap of $1.1 billion, which surged around 1.5% in a day. 

Following that, the USDC token, which is used to trade on centralized exchanges, traded at $1.00 with 24 hours trading volume of $2 billion, increased around 2.5% in the previous day, and has a market cap of $41 billion. 

However, through the integration with Ethereum, the multinational financial company Visa seeks to strengthen its ability to process quick and safe cross-border payments, improve its fraud detection and prevention capabilities, and lower its operational costs by using the transparency, security, and immutability of blockchain technology. Also, Visa will have access to new smart contract-based payment options for its customers.