Visa enters stablecoin world
Visa is getting into the stablecoin market and has chosen US Dollar Coin (USDC) to do so. For this purpose, the blockchain startup Circle is joining its payment network, which includes dozens of merchants and allows the large-scale adoption of stablecoins.
Circle has begun to equip several credit card issuers with the stablecoin software directly integrated into their infrastructure, so that they can conduct transactions in USDC, Forbes magazine reported, quoting the head of Visa’s crypto department, Cuy Sheffield. The article specified that Visa will not keep the USDCs.
Circle was founded in 2013 and operates as a Bitcoin (BTC) service provider. It is joining Visa’s fast-track fintech programme, which is due to be launched in 2021. Once Circle has been approved, Visa will issue a credit card that will allow companies to send and receive USDC-denominated payments directly with any company using the card, the article said.