Visa Inc has taken its recent stablecoin push a step further by launching a USDC settlement in the United States. This means that US issuer and acquirer partners are now authorized to settle with Visa in Circle’s USDC, a US dollar-pegged stablecoin. It announced this development on Dec. 16.
Visa to Utilize Layer-1 Blockchain Arc
Visa has hit a major milestone in the company’s stablecoin settlement pilot program and strategy to modernize its settlement layer underpinning global commerce. By leveraging the fully reserved, dollar-denominated USDC for settlement, issuers get to enjoy faster fund movement over blockchains.
In addition, this offer is available 24/7, with enhanced operational resilience across weekends and holidays, per the press release.
Users do not have to worry whether there will be any change to the consumer card experience during these times.
Cross River Bank and Lead Bank are two initial banking participants that have started using Visa and USDC over the Solana blockchain. As the new year comes, the financial giant plans to extend its availability in the United States.
Also, Visa intends to utilize Circle’s Layer 1 blockchain Arc for USDC settlement within its network. Part of the plan is to operate a validator node once Arc goes live, as it is currently in public testnet.
It is worth noting that Visa is a design partner for Arc. The goal of this integration is to explore Arc’s purpose-built design that offers stellar performance and scalability. With this, the protocol can help support Visa’s global commercial activity onchain.
The Visa Stablecoin Pursuit Is Growing Fast
It is barely 24 hours after Visa launched a Stablecoins Advisory Practice for banks and fintechs.
The new system is designed to guide stablecoin technology, operations, and use cases such as cross-border payments. Navy Federal Credit Union, VyStar Credit Union, and Pathward will benefit from this offering.
In November, Visa announced a partnership with crypto fintech company Aquanow to extend stablecoin settlement options across Central and Eastern Europe, the Middle East, and Africa (CEMA).
Noteworthy, Visa has been working tirelessly to push out its stablecoin services in the last few months. The passing of the GENIUS Act earlier this year by the Donald Trump administration is named a major factor that contributed to this move.
Read original story Visa Launches Stablecoin Settlement in US by Godfrey Benjamin at Coinspeaker.com
