Posted 8 months ago | by @devadmin
Payment giant VISA has partnered with Ethereum-based USDC stablecoin, announcing they will be connecting their global payments network of over 60 million merchants to the U.S. Dollar Coin (USDC) issued on Ethereum and developed by Circle Internet Financial, as we shift towards a world of digital cash.
“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients,” Visa’s head of crypto Cuy Sheffield said.
According to Forbes, Circle has applied to go through Visa’s Fast Track program to be able to issue credit cards and to integrate its USDC software into their platforms to transfer and receive USDC payments. While Visa itself won’t hold custody of any USDC, Circle will be operating with Visa to expand Visa credit card issuers’ ability to combine the USDC software into their platforms and send and receive USDC payments.
“After Circle itself graduates from Visa’s Fast Track program, likely sometime next year, Visa will issue a credit card that lets businesses send and receive USDC payments directly from any business using the card,” Forbes wrote.
Eventually, Visa will back the issuance of a credit card that allows any company to send and receive USDC payments by customers using the card. Visa head of crypto Cuy Sheffield confirmed the partnership on Twitter. Both companies will work together to design a business card that will allow users to pay USDC at vendors who allow Visa cards.
There are over twenty wallet providers that have been accepted into VISA’s Fast Track program, Forbes remarked, showcasing Visa’s interest in the cryptocurrency space.
“We continue to think of Visa as a network of networks […] Blockchain networks and stable coins, like USDC are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
Visa was a former partner of Facebook’s Libra project, leaving the proposed idea after many others also abandoned Facebook’s crypto ship. Visa holds a market cap of U.S. 462 billion compared to USD Coin’s $2.9 billion at the time of this report.
Crypto adoption, be it, stablecoins or cryptocurrencies like Bitcoin, seems to have been given a huge boost in 2020. With institutional investors jumping into Bitcoin, Paypal announcing it will allow buying and selling on its platform, and now, VISA is getting involved with USDC. It certainly looks like cryptocurrency mass adoption is coming in the year ahead, just in time for the Bitcoin bull run.
Bitcoin is currently trading at [FIAT: $19,109.23] UP +0.23% in the last 24 hours, according to Coingecko at the time of this report.