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Fintech & Ecommerce

Visa settles payments in USD Coin through Ethereum blockchain

Mar 30, 2021

Visa is testing the capability with Crypto.com and plans to offer the USDC settlement capability to additional partners later this year

Visa USD Coin

Visa settles payments in USD Coin through Ethereum blockchain. Source: flickr.com

Visa has announced the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum.

Visa has spent the last year establishing a pathway for digital currency settlement within Visa’s existing infrastructure, a platform that moves billions of dollars each day across thousands of institutions in over 200 markets and 160 currencies.

Working with Anchorage, the first federally chartered digital asset bank and Visa’s digital currency settlement partner, Visa has launched a pilot that allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visa card program.

Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world
Jack Forestell, executive vice president and chief product officer, Visa

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 as they emerge in the future.

Anchorage’s platform has been purposefully built for institutions like Visa to build new products in crypto. We’ve been with Visa every step of the way since 2019 and are extremely pleased to see these first stablecoin payment rails come to life through Anchorage APIs
Diogo Mónica, Co-Founder and President of Anchorage

We’ve reported that Visa teamed up with neobank to trial the crypto API program.

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