Visa (NYSE: V), a global leader in digital payments, has announced a significant expansion of its stablecoin settlement capabilities. The company is now leveraging the high-performance Solana blockchain alongside Ethereum and collaborating with major merchant acquirers Worldpay and Nuvei to modernize cross-border transactions.
Key Developments in Visa’s Stablecoin Strategy
1. Multi-Blockchain Integration
Visa’s pilot programs have successfully moved millions of USDC (USD Coin) across Solana and Ethereum networks to settle fiat-denominated payments authorized via VisaNet. This dual-blockchain approach enhances speed and reduces costs for cross-border settlements.
2. Streamlining Merchant Settlements
Traditionally, Visa’s treasury systems manage the movement of funds between issuers (consumer banks) and acquirers (merchant banks). With stablecoins, Visa can now:
- Receive funds from issuers like Crypto.com via blockchain.
- Send funds to acquirers (e.g., Worldpay, Nuvei) in USDC, enabling faster payouts to merchants.
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3. Solana Blockchain Adoption
Visa added Solana support due to its:
- Speed: 400ms block times and 400+ transactions per second (TPS).
- Scalability: Handles 2,000+ TPS during peak demand.
This makes Visa one of the first large-scale payment networks to settle transactions directly on Solana.
Case Study: Crypto.com Pilot
In 2021, Visa partnered with Crypto.com to test USDC settlements for cross-border card transactions in Australia. Results included:
- Faster settlements: Eliminated multi-day currency conversions.
- Cost savings: Reduced reliance on international wire transfers.
Crypto.com now uses USDC for Visa card settlements in Australia, with plans to expand globally.
Partner Perspectives
- Circle (Issuer of USDC): “USDC enables secure, internet-speed payments. Visa’s innovation unlocks new financial applications.” — Jeremy Allaire, CEO.
- Worldpay: “USDC settlements offer merchants flexible funding options.” — Jim Johnson, President.
- Nuvei: “Stablecoins optimize cross-border growth for online businesses.” — Philip Fayer, CEO.
FAQs
1. How does Visa’s stablecoin settlement work?
Visa uses USDC on Solana/Ethereum to move funds between issuers and acquirers, bypassing traditional wire transfers.
2. Why did Visa choose Solana?
Solana’s high throughput and low costs align with Visa’s need for scalable, efficient settlements.
3. Which merchants benefit from USDC payouts?
Crypto-native businesses (e.g., NFT platforms, games) prefer stablecoins for card payment settlements.
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The Road Ahead
Visa continues to pioneer blockchain-based settlements, with plans to:
- Onboard more issuers/acquirers.
- Expand USDC use cases (e.g., payroll, B2B payments).
- Evaluate emerging blockchains for further scalability.
By bridging traditional finance and digital currencies, Visa is shaping the next era of global money movement.
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