Visa moves to allow payment settlements using cryptocurrency
Visa will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.
Visa has launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year, it said.
The USD Coin (USDC) is a ‘stablecoin’ cryptocurrency whose value is pegged directly to the US dollar.
Visa’s move comes as major finance firms including BNY Mellon, BlackRock and Mastercard have embraced some digital coins, sparking predictions that cryptocurrencies will become a regular part of investment portfolios.
Tesla boss Elon Musk said last week that customers can buy its electric vehicles with bitcoin, marking a significant step forward for the cryptocurrency’s use in commerce.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.
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