American multinational company Visa, which provides services for payment transactions, for the first time announced the development of new directions, as the entry into the market of cryptocurrencies at the end of 2020 publicly. To date, the payment system already supports USD coin (USDC), that is so-called as stablecoin, for payments within its network through the Ethereum blockchain.
According to Jack Forestell, Visa's Executive Vice President and Chief Product Officer, the reason for this decision is the activation of demand for transactions in digital currency.
Visa is trying to meet the needs of customers, dictated by the new times, so it intends to expand the audience with companies that use Stablecoin (cryptocurrency, tied to stocks of traditional currencies, physical goods (gold, oil, etc.) in business management.
A joint pilot program has already been launched with Crypto.com platform and the first transfer has been already recorded. In parallel, Visa announced a partnership with cryptocurrency depository Anchorage (of which it has been an investor since 2019).
The company plans to open public access to transactions in Stablecoin by the fourth quarter of 2021.
Today, Visa is the first major payment system that operates with such settlements.