By Hassan Mehmood (Saudi Arabia)
The payment giant Visa engages in a partnership with the company behind stablecoin known as USDC. With this partnership, 60 million customers of Visa can send and receive funds in USDC.
The partnership between the payment giant and Circle means a lot as the stablecoin can hit millions of people around the world, thus creating a productive environment for crypto adoption.
Fast Track Program
Visa has developed an initiative known as the “Fintech Fast Track Program,” and the latest partnership will take practical shape under this program. The company behind USDC, Circle, will effectively work with Visa in presenting payments solutions involving USDC to various card issuers.
For transactions in USDC, the payment giant will roll out a credit card for secure and faster transactions as the stablecoin is built over the Ethereum network.
“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients,” said Cuy Sheffield, head of the crypto at Visa.
Also read:Stablecoin has witnessed a clear growth over recent months as its volume pumped as a result of adoption. In order to deal with hyperinflation in Venezuela, the stablecoin will be utilized as it is not vulnerable to any inflation. The interesting feature of USDC is that it does not express volatility or any kind of fluctuation, which shows it can perform better than any fiat currency.
As USDC is present over Ethereum, it is one of the popular collateral forms which are used by people over DeFi platforms. It is an ERC-20 token on the Ethereum blockchain, while some other blockchains, such as Solana, also support this. After gaining a Market capitalization of $2.9 billion, it has become successful in achieving rank 13 over the CoinMarketCap.
As one of the world’s largest payment networks is going to integrate with one of the biggest stablecoins by market share, it will make a significant part in revolutionizing the world financial payment structure.
At the start of 2020, the largest US crypto exchange Coinbase partnered with Visa to introduce Coinbase Card for its users. Similarly, another popular crypto company Crypto.com published a card for users in specific countries after getting in partnership with Visa service.
Last year, Visa funded a total of $40 million in a funding round rolled out by a prominent crypto custody company.
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