Visa has revealed its plan to expand its stablecoin settlement capabilities by incorporating the Solana blockchain alongside its existing support for Ethereum. The company has collaborated with merchant acquirers Worldpay and Nuvei to conduct pilot programs.
During these live pilots, Visa has already successfully transferred millions of USDC (a stablecoin) across both the Solana and Ethereum blockchain networks to settle payments denominated in fiat currency that were authorized through VisaNet. This initiative aims to expedite cross-border settlements and offer clients a stablecoin-based payment alternative. Cuy Sheffield, Visa’s Head of Crypto, explained, “By utilizing stablecoins such as USDC and global blockchain networks like Solana and Ethereum, we are streamlining cross-border settlement processes and providing a contemporary solution for our clients to easily send or receive funds from Visa’s treasury.”
Worldpay and Nuvei are fintech companies catering to merchants across diverse industries. With Visa’s support, they anticipate enabling merchants to accept payments in stablecoins like USDC.
This announcement also signifies Visa’s adoption of Solana as a supported blockchain for settlements, making it one of the pioneering major payment companies to do so.