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Visa announced that it will allow the use of USDC, a stable cryptocurrency tied to the US dollar, for transactions on the payment network.
According to Reuters, the company has launched a pilot program. For this with Crypto.com and plans to offer this option with more partners this year.
Cuy Sheffield, head of Visa’s cryptocurrency, said: “We see that consumers around the world are increasingly demanding to access also use digital currencies, and our customers want this access.”
In current systems, while cryptocurrencies are generally used for shopping so they are converted into fiat money and the process is completed in this way.
This step, where Visa will use the Ethereum blockchain. eliminates the need to convert cryptocurrency to traditional currency to complete the transaction.
Visa, which recently partnered with digital asset bank Anchorage, said Crypto.com completed its first transaction this month, with Visa sending USDC to its Ethereum address in Anchorage.
Visa started work on USDC in December. Stating that it sees cryptocurrencies such as Bitcoin as “digital gold”, the company will also take steps to expand the acceptance and use of Bitcoin.
“We want to allow Bitcoin to be easily converted into fiat money so that it can be used instantly in 70 million locations around the world where Visa is accepted,” said Visa CEO Alfred Kelly.
On the other hand, Visa is working with Anchorage to enable customers to buy and sell Bitcoin in traditional banks.
USD Coin is a type of digital crypto currency, utilizing peer-to-peer transactions, mining and other technological feats into a modern day asset.
USD Coin is a digital stable coin that is pegged to the United States dollar and runs on the Ethereum, Stellar and Algorand Blockchain. Each USDC is backed by a dollar held in reserve. Wikipedia
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