The EURC stablecoin that is pegged to the Euro enhances cross-currency settlements.
Visa advances the process of integrating stablecoins by furthering the addition of new stablecoins and blockchain networks to the Visa payment settlement infrastructure. Such an ambitious growth is a step forward in the direction of the mainstream adoption of crypto.
The settlement infrastructure used by Visa now enables a greater number of currencies and chains. Stellar and Avalanche are two other blockchain networks that will be integrated into the system in addition to Ethereum and Solana.
It will also support two new stablecoins that are backed by the USDG and the PYUSD. Moreover, Visa will incorporate the stablecoin, EURC, which is backed by the euro, expanding multi-currency functionality.
Visa partnered with Paxos, which will enable the introduction of more trusted dollar-backed stablecoins into its ecosystem. The new instruments that Visa has added to its portfolio are the Global Dollar (USDG) and the PayPal USD (PYUSD). Visa already has a stablecoin in its portfolio.
These extensions will give the partners more liquidity and settlement opportunities on blockchain networks.
Global Head of Growth Products and Strategic Partnerships at Visa, Rubail Birwadker, stressed that Visa aims to support its global partners by building a multi-coin and multi-chain basis. He observed that when accepted and scaled down, stablecoins can transform money transfer globally.
Visa has several years of testing and piloting stablecoin payment solutions. Visa is strengthening its presence in the world of crypto payments by expanding its product offering.
To further enhance interoperability, Visa’s settlement platform has added support for the Stellar and Avalanche blockchains. It expands its support for blockchains beyond Eth and Sol. The combination will enable Visa to enable transactions and settlements on four major public blockchains.
The introduction of the euro-backed stablecoin EURC will enable a group of Visa partners to transact in Euros in addition to USD-based options.
Through the implementation of this multisettlement capability, Visa is able to enhance its treasury and cryptocurrency-related infrastructure capacity.
With the new feature, the Visa network now facilitates the settlement of transactions in four stablecoins on four blockchains, boosting the speed and minimizing friction in cross-border payments. The innovation serves banks, merchants, fintech companies, and developers who are demanding interoperable and efficient crypto payments more and more.
Visa solution takes care of one of the major issues with the stability of the scale of the coin, involving the use of different coins and blockchains in their payment systems. This is a digital transformation that positions Visa’s trusted network in the fast-growing blockchain environment.
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