Visa announced the expansion of its stablecoin settlement capabilities to include the Ethereum and Solana blockchains. The company is partnering with merchant acquirers Worldpay and Nuvei for pilot programs.
As part of live pilots, Visa has already moved millions of USDC between its partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet, the payments giant detailed in a press release.
Cuy Sheffield, Head of Crypto at Visa, stated that the move aims to speed up cross-border settlements and provide a stablecoin payment option for clients. “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 Sheffield.
Worldpay and Nuvei are fintech companies serving merchants across various sectors. With Visa’s support, they expect to offer merchants the option to receive payments in stablecoins like USDC.
This announcement also marks Visa’s inclusion of Solana as a supported blockchain for settlements, making it one of the first major payment companies to do so.