Visa now accepts payments in USDC directly and facilitates cryptocurrency transactions.
Visa Uses Ethereum to Process Payments
While the company has previously sponsored digital currencies by collaborating with Crypto.com and Anchorage, any crypto transactions were transformed into fiat before being resolved.
Visa will settle digital currency transactions directly on the Ethereum blockchain, using the USDC stablecoin, after much speculation.
This is a logical extension of the company’s growing involvement in the cryptocurrency room. In December, the company began working with USDC to allow cryptocurrency payments, but these were still settled in fiat currency.
This month, the company announced that the first successful transaction settlement occurred. Visa’s Ethereum blockchain address at Anchorage, an institutional blockchain security company, received USDC from Crypto.com.
The company described this as follows in a blog post:
“One small step forward for Visa’s settlement platform, one giant step forward for the integration of digital and traditional fiat currencies.”