This is a major industry first that will see a global payments network bridge the worlds of digital and traditional fiat currencies making cryptocurrencies more secure, useful, and applicable for payments.
Visa moves billions of dollars each day across thousands of institutions in more than 200 markets and 160 currencies.
The company has partnered with one of the leading crypto exchanges, Crypto.com, and for custodial services, Anchorage, a federally chartered digital asset bank that is also the exclusive Visa digital currency settlement partner.
Speaking about this major milestone, Visa says:
“Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies. The ability to settle in USDC can ultimately help Crypto.com and other crypto native companies evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows.
Visa’s treasury upgrades and integration with Anchorage also strengthen Visa’s ability to directly support new central bank digital currency (CBDC) as they emerge in the future.”
Visa is particularly focused on enabling crypto-native fintechs and addressing the needs of fintechs managing their businesses in a stablecoin or cryptocurrency after experiencing ‘record-breaking growth in the business and the broader crypto ecosystem over the last year.’
Having the USDC stablecoin on the Visa network is seen as a major step in connecting the world using stablecoins and enabling more businesses build new products on top of crypto.
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