- VISA expands its stablecoin settlement service beyond Circle’s USDC.
- Newly supported coins include Paxos’ USDG and Paypal’s PYUSD, all backed by the U.S. dollar.
- The service is adding support for the euro through Circle’s EURC.
- Stellar and Avalanche blockchains join existing support for Ethereum and Solana.
- Visa aims to make stablecoin payments secure and scalable like traditional transactions.
Visa announced an expansion of its stablecoin settlement platform, now adding support for three new tokens and two additional blockchains. The company made the announcement yesterday, highlighting that it will include Paxos-issued Global Dollar (USDG), PayPal’s PYUSD, and Circle’s euro-backed EURC. Previously, Visa worked only with Circle’s USDC on this service.
The upgrade extends Visa’s reach by also supporting the Stellar and Avalanche blockchains, in addition to current offerings on Ethereum and Solana. According to the company, the expanded service aims to allow stablecoin settlements for a wider range of digital assets and payment networks. Customers using Visa’s branded crypto exchange cards can now access more options for their transactions.
Since 2023, Visa has allowed certain cryptocurrency and web3 companies to use stablecoins for payment settlements. The first partners to go live were Worldpay and Nuvei. The company says its mission is to create a reliable system where stablecoin payments work at a global scale, resembling the security and reliability of its traditional payment service. Visa said that its mission with regard to stablecoins is to “build the interoperable layer designed to make stablecoin payments work at scale just as our traditional payments have worked – securely, reliably and globally.”
Visa is also focusing on traditional financial institutions. It operates the Visa Tokenized Asset Platform (VTAP), an initiative designed to support stablecoins and tokenized bank deposits. The goal of VTAP is to offer these digital asset services to Visa’s 15,000 banking partners around the world. Spain’s BBVA, for example, announced plans this year to launch a token project, which is expected to line up with its recent introduction of retail crypto services.
For now, the primary customers for Visa’s stablecoin settlement platform continue to be companies engaged with cryptocurrency and web3 technologies. The recent additions, however, signal an ongoing effort to bridge current payment methods with digital currencies.
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