Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

VISA Executive Reveals Plans of Stablecoin Settlement

Published 02/06/2023, 07:38 AM
Updated 02/06/2023, 08:00 AM
VISA Executive Reveals Plans of Stablecoin Settlement

  • VISA is testing stablecoin settlement on its payments network.

  • The payments giant wants to shift from the SWIFT network.

  • The company is using the Ethereum network to test settlement.

VISA Inc, one of the biggest payment processing firms in the world, has begun experimenting with stablecoin settlements on their network. The CEO of VISA’s crypto department, Cuy Sheffield, confirmed the development during the StarkWare Sessions 2023.

Sheffield claims that VISA plans to implement a feature that would enable consumers to convert digital assets to fiat currency on its platform to help them develop “muscle memory” regarding settlements.

Sheffield says that the payment giant has been restricted in transmitting funds as frequently as possible since settlements are still handled through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system.

To overcome this barrier, VISA has tested the feasibility of accepting settlement payments made using stablecoins on the Ethereum blockchain. The crypto division head was quoted saying:

We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and pa…

See original on CoinEdition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.