Visa Launches USDC Global Payment Pilot Program

On November 12th, Visa Inc. launched a pilot program enabling U.S. businesses to send global payments in stablecoins, specifically USDC, aiming for near-instant cross-border transactions.

This initiative addresses currency volatility and banking issues, aiming to deliver fast payouts, particularly benefiting freelancers and gig workers in regions lacking financial infrastructure.

Visa’s USDC Pilot Ensures Instant Global Payments

Visa Inc. launched a pilot that allows businesses to send payments in USDC to creators and freelance workers globally through the Visa Direct platform. The program, announced last November 12th, aims to provide instantaneous cross-border payments with USDC as the primary medium of transaction.

This development allows recipients to receive payments in USDC, which could enhance income speed and accessibility, particularly in areas with unstable currencies or poor banking services. This provides a significant advantage in terms of payment speed and borderless access for gig economy workers.

“The U.S. ‘Genius Act’ provided the regulatory clarity needed to legitimize stablecoin use. The law establishes federal oversight and capital standards for stablecoin issuers, offering the legal certainty large financial institutions had been waiting for.” — Mark Nelsen, Head of Product, Commercial and Money Movement Solutions, Visa

Stablecoin Adoption Trends Following Visa’s Initiative

Did you know? Visa’s approach aligns with increasing acceptance of digital currencies and marks significant progress in stablecoin adoption amidst evolving regulatory landscapes.

As of the latest update on November 12, USD Coin (USDC) holds a consistent value of $1.00, with a market cap at approximately $76.02 billion, capturing a 2.18% market dominance. According to CoinMarketCap, the stablecoin has maintained this price stability with minor fluctuations over recent months, remaining crucial for digital transactions.

Coincu Research suggests that the financial outcomes could reveal shifts towards stablecoin liquidity for global payouts. This program could inspire similar moves by other institutions, potentially transforming payment landscapes globally.