Visa said it has already moved millions of USDC to Solana and Ethereum blockchains to settle fiat-denominated payments through VisaNet.
Global payments giant Visa announced the expansion of its stablecoin settlement capabilities to include high-speed layer 1 blockchain, Solana. According to a press release on September 5, Visa will start testing the settlement with two merchant acquirers, WorldPay and Nuvei.
Visa to Pilot Stablecoin Settlement on Solana
Visa noted that as part of the pilot program, it has moved millions of USDC between its partners to Solana and Ethereum to settle fiat-denominated payments authorized over VisaNet, the payment network powering Visa’s electronic payment processing.
Cuy Sheffield, Head of Crypto at Visa, stated that employing a blockchain network like Solana will help accelerate cross-border settlements and provide a modern option for clients to send or receive funds from Visa’s treasury quickly.
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“Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money,” he added.
Clients’ Demand
According to Visa, the decision to add Solana arises from clients’ demand for modern, high-performance blockchains that can send and receive stablecoins faster and cheaper. The development makes Visa the first major payments company to leverage Solana for live settlement payments between clients.
Solana is a high-performance blockchain known for its speed and scalability. The blockchain can process up to 50,000 transactions per second, making it a good choice for Visa as it can handle the volume of transactions required.
Visa began exploring how USDC could be used inside its treasury operations in 2021. At the time, the company tapped Crypto.com to test stablecoin settlements. The program enabled Visa to use USDC and the Ethereum blockchain to receive payments for cross-border volume on Crypto.com’s live card program in Australia.
After successful testing, the payment company has since expanded to other platforms and has now decided to add Solana.
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