In a historic move, Visa has unveiled plans to accept USD Coin (USDC) for payment settlements on its global network. This development marks a significant leap toward mainstream cryptocurrency adoption, with Crypto.com successfully processing the first trial transaction. The announcement propelled Bitcoin (BTC) above $58,000, while Ethereum (ETH) reclaimed the $1,800 level.
Visa and Crypto.com Pioneer Stablecoin Settlements
According to a Reuters exclusive, Visa has partnered with digital asset bank Anchorage to enable USDC transfers via Ethereum. Here’s how the streamlined process works:
- Traditional Method: Crypto.com previously converted crypto to fiat, which incurred high fees and delayed settlements through bank transfers.
- New USDC Solution: Direct settlements in USDC reduce costs and eliminate intermediaries, with transactions settled on-chain via Ethereum.
👉 Discover how USDC is revolutionizing payments
Key Benefits of Visa’s USDC Integration
- Cost Efficiency: Businesses avoid conversion fees and FX fluctuations.
- Speed: Real-time settlements replace multi-day bank processes.
- Global Reach: USDC’s stability enables borderless transactions.
"Crypto fintechs want partners who understand digital currencies. This initiative extends our core mission: facilitating secure, global payments in diverse currencies."
— Jack Forestell, Chief Product Officer, Visa
Market Impact and Industry Adoption
Following the news:
- BTC surged 4.5% to $58,405.
- ETH jumped 7.6%, peaking at $1,840.
- Major platforms like BlockFi and Bitpanda are expected to adopt similar Visa-backed solutions.
FAQ: Visa’s USDC Integration
Q1: How does USDC settlement differ from traditional methods?
A1: USDC bypasses fiat conversions, allowing direct, low-cost Ethereum-based settlements.
Q2: Which companies are involved in Visa’s trial?
A2: Crypto.com initiated the pilot, with plans to onboard BlockFi, Fold, and others later this year.
Q3: Will this affect crypto volatility?
A3: Stablecoins like USDC mitigate volatility, making them ideal for payments.
The Future of Crypto Payments
Visa’s Q1 earnings hinted at crypto expansion, aligning with growing consumer demand for digital assets. This move positions USDC as a bridge between traditional finance and decentralized ecosystems.
👉 Explore crypto payment solutions today
Core Keywords:
- Visa USDC integration
- Crypto.com stablecoin payments
- Ethereum settlements
- Bitcoin price surge
- Stablecoin adoption
- Cryptocurrency payments
- Anchorage Bank partnership
- Blockchain transaction efficiency
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