Visa’s crypto strategy targets stablecoin settlements

0

[ad_1]

Payment company Visa is seeking to build “muscle memory” around settlements, with plans to allow customers to convert digital assets to fiat currencies on its platform, according to a presentation from the company’s crypto division head at StarkWare Sessions 2023.

“We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC (USDC) on Ethereum. So, these are large value settlement payments,” Cuy Sheffield said during a fireside chat at the event. Cointelegraph’s team is on the ground in Tel Aviv covering the two-day Ethereum community conference.

According to the executive, global settlement with digital assets and fiat currencies is one of the avenues that Visa is investing in. He specifically stated:

“That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.”

The payment giant has been exploring how to incorporate blockchain technology into its existing network to move money faster, but settlements still take place on the Society for Worldwide Interbank Financial Telecommunications, or SWIFT system, a not-for-profit cooperative society formed by European bankers with the purpose of facilitating secure and standardized transaction communication between its members.

“We set all over Swift, so we can’t move money as frequently as we’d like because there are a number of limitations that exist in those networks. And so, we’ve been experimenting, we publicly announced. We’ve been testing how to actually accept settlement payments [with stablecoins],” Sheffield explained. 

Recently speaking at Visa’s annual shareholder meeting, former CEO Al Kelly briefly shared the firm’s plans for central bank digital currencies (CBDCs) and private stablecoins, claiming that “stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space, and we have a number of initiatives underway.”

Sheffield confirmed the company’s view of blockchain technology and digital assets. “We’re thinking a lot about how to take some of the value that Visa provides on existing bank rails, with existing forms of beyond in a rebuild that on top of blockchain rails, using stable boards. If we think there are huge opportunities in that area, it just kind of stays on emerging.”



[ad_2]

Source link

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 74,864.00
ethereum
Ethereum (ETH) $ 2,137.76
tether
Tether (USDT) $ 0.999088
bnb
BNB (BNB) $ 687.67
usd-coin
USDC (USDC) $ 0.999440
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 87.42
tron
TRON (TRX) $ 0.317838
staked-ether
Lido Staked Ether (STETH) $ 2,265.05
figure-heloc
Figure Heloc (FIGR_HELOC) $ 1.06
zcash
Zcash (ZEC) $ 1,232.27
hyperliquid
Hyperliquid (HYPE) $ 74.52
monero
Monero (XMR) $ 600.15
dogecoin
Dogecoin (DOGE) $ 0.069580
usds
USDS (USDS) $ 1.00
whitebit
WhiteBIT Coin (WBT) $ 72.34
wrapped-steth
Wrapped stETH (WSTETH) $ 2,779.67
leo-token
LEO Token (LEO) $ 9.31
chainlink
Chainlink (LINK) $ 10.58
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,243.00
cardano
Cardano (ADA) $ 0.176297
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998762
stellar
Stellar (XLM) $ 0.147159
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 2,466.93
ethena-usde
Ethena USDe (USDE) $ 0.998932
bitcoin-cash
Bitcoin Cash (BCH) $ 241.28
near
NEAR Protocol (NEAR) $ 3.61
wrapped-eeth
Wrapped eETH (WEETH) $ 2,465.31
dai
Dai (DAI) $ 1.00
uniswap
Uniswap (UNI) $ 6.93
susds
sUSDS (SUSDS) $ 1.08
litecoin
Litecoin (LTC) $ 50.88
canton-network
Canton (CC) $ 0.090434
avalanche-2
Avalanche (AVAX) $ 8.00
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 76,366.00
rain
Rain (RAIN) $ 0.004935
sui
Sui (SUI) $ 0.833471
blockchain-usd
Blockchain USD (USDB) $ 0.932324
usd1-wlfi
USD1 (USD1) $ 0.997724
weth
WETH (WETH) $ 2,268.37
tether-gold
Tether Gold (XAUT) $ 4,109.52
hedera-hashgraph
Hedera (HBAR) $ 0.066822
quant-network
Quant (QNT) $ 199.51
usdt0
USDT0 (USDT0) $ 0.998824
the-open-network
Gram (prev. Toncoin) (GRAM) $ 1.01
paypal-usd
PayPal USD (PYUSD) $ 0.999832
global-dollar
Global Dollar (USDG) $ 1.00
ripple-usd
Ripple USD (RLUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000004
bittensor
Bittensor (TAO) $ 217.79
Shares