Visa is the first major payment network to process a USD Coin payment platform based on the Ethereum blockchain. USDC is a stablecoin pegged 1:1 to the US dollar and will be part of the pilot launched on Monday comprising Crypto.com and Visa.
Crypto.com must sell digital currencies to pay Visa in cash. According to this new settlement, Crypto.com will be able to establish a part of its obligations for the Crypto.com Visa card in USDC.
“We’ve found that many of our crypto partners are building on top of and are using USDC, with many of them paying their employees and vendors with the stablecoin,” Cuy Sheffield, head of digital currencies at Visa said. “It was a natural fit.”
Back in November 2018, the Crypto.com Visa Card was issued in Singapore. With time, it started to be available in the US, Canada, Europe, and the countries in Asia-Pacific. With this feature, users can trade digital currencies in the U.S. dollar, Canadian dollar, British pound, euro, Hong Kong dollar, and Singapore dollar. They can also make credit or debit transactions and ATM withdrawals.
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” Visa Chief Product Officer Jack Forestell stated. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.”