Visa said it can now use stablecoins on the Ethereum and Solana blockchains. For test projects, the company is working with payment processors Worldpay and Nuvei.
Visa said that they have already transferred millions of USDC using Solana and Ethereum blockchain networks as part of live tests. This is to settle payments in normal money that were approved by VisaNet.
Cuy Sheffield, who is in charge of cryptocurrency at Visa, wants to make it easier for people to send money internationally and have the option to use stablecoins for payment. “We are making it faster and easier for our clients to send or receive money across borders by using stablecoins like USDC and global blockchain networks like Solana and Ethereum,” Sheffield said.
Fintech companies Worldpay and Nuvei help businesses in different industries with their financial transactions. They want to help stores accept payments in stablecoins like USDC with the help of Visa.
This news means that Visa is now using Solana as a blockchain for making payments. It’s one of the first big payment companies to do this.