Visa Partners with Solana to Improve Support for Stablecoins
Integration of Visa on the Solana Blockchain
Visa has recently announced a partnership with the renowned cryptocurrency network Solana (SOL), known for its fast and cost-effective transactions, to enhance its support for stablecoins. The payment processing giant is conducting tests and collaborating with financial firms such as Worldpay Global and Nuvei on the Solana network.
This integration with Solana aims to provide Visa customers with more efficient and scalable payment solutions. According to Visa’s press release, they have already moved millions of dollars worth of stablecoins on both the Ethereum (ETH) and Solana blockchains.
Specifically, Visa has been working with the USDC stablecoin, which is pegged to the value of the US dollar. Stablecoins offer a bridge between traditional payments and cryptocurrencies, providing a reliable means of executing cross-border transactions without the volatility typically associated with digital assets like Bitcoin (BTC).
This collaboration between Visa and Solana is part of the payment processor’s broader strategy to embrace digital currencies and blockchain technology. In 2021, Visa began experimenting with cross-border payments in Australia through a partnership with Crypto.com. This collaboration simplified borderless payments using the USDC stablecoin.
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The Potential of Stablecoins
Recent research suggests that stablecoins like USDC and tether (USDT) have the potential to challenge major payment processors. Their transactions are faster and more cost-effective, making them appealing to both consumers and businesses alike.
Therefore, it comes as no surprise that Visa is keen to capitalize on this trend. Visa’s integration with the Solana blockchain further strengthens the partnership between traditional financial institutions and emerging blockchain technologies.
Following the announcement, the price of SOL, Solana’s native cryptocurrency, initially increased by 8.5% to $20.6. However, it has since retreated to $19.8. Nevertheless, Solana remains one of the best-performing cryptocurrencies in the top 10 list today.
Tags: Ethereum, SOL, Solana, Stablecoin, USDC, VISA