The Strategist

Visa approves settlements within USD Coin cryptocurrency transactions

03/30/2021 - 07:03

The US payment system Visa approved settlement of transactions in USD Coin Stablecoin. Visa became the first major global payment system to approve such settlements.

Stablecoins are cryptocurrencies that are linked to stocks of conventional currencies or physical commodities, such as gold or oil. Their exchange rates are subject to less fluctuation than typical cryptocurrencies ( that is, they are relatively stable). USD Coin (USDC) is a stablecoin backed by the US dollar and created jointly by Circle and Coinbase as part of the Centre consortium. The price per USDC is $1.

"Visa today announced... the use of USD Coin (USDC), a USD-backed stackcoin, to settle Visa transactions on Ethereum, one of the most actively used open-source blockchains," the company said in a statement (quoted by Business Wire).

The project has been launched in conjunction with partner "Over the past year we have seen record growth in our business and the entire crypto ecosystem. To continue accelerating the world's transition to cryptocurrency, we need partners who understand the opportunities and tools that will help us get to market faster and more efficiently. Having partnered with Visa for several years, we are excited to deepen that relationship through our global agreement and to be the first in an exciting world in Stablecoin payments," said co-founder and CEO Kris Marszalek.