Breaking: Payments Firm VISA to Begin Using Solana Blockchain for Stablecoin Settlements

cryptonews.com:

Visa, the global payments giant, has unveiled its expansion into the world of stablecoin payments, featuring integration with the Solana blockchain, and has initiated collaborations with prominent merchant banks, Worldpay and Nuvei.

"By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa's treasury," said Cuy Sheffield, Head of Crypto, Visa.

In a recent X thread, Cuy Sheffield, addressed some of the challenges associated with traditional Visa card transactions.

While consumers often experience near-instant payment authorizations when using Visa cards at a vast network of merchants worldwide, the intricacies of fund movement behind the scenes remain hidden.

Sheffield explained that Visa's treasury and settlement systems facilitate these transactions. These systems ensure efficient clearing, settlement, and transfer of funds between the consumer's bank (the issuer) and the merchant's bank (the acquirer).

This intricate operation is conducted seamlessly across a vast network comprising nearly 15,000 financial institutions and involving over 25 global currencies.

In this recent move towards stablecoin settlements, Visa has gained the capability to transfer USDC-denominated payouts to Worldpay and Nuvei through its Circle Account.

These merchant banks can subsequently channel these payments in USDC to their end merchants.

As part of Visa's ongoing efforts with the introduction of these new settlement options, Visa can now transmit funds on-chain to acquirers like Worldpay and Nuvei, contributing to expedited settlement times for their associated