Visa will soon allow the use of cryptocurrency USD Coin across its payment network. The card and credit giant has unveiled a pilot program that has seen it collaborate with Crypto.com, the payment and crypto platform to trial the option.
It’s another move towards mainstream use of cryptocurrency, narrowing the gap between digital and conventional fiat currencies. USD Coin (USDC) is one of the leading stablecoins and backed by the US dollar. If the pilot with Crypto.com is successful then it’ll be rolled out to additional partners later this year.
In an announcement, Visa outlined its plans for the future acceptance of cryptocurrency, having spent the last twelve months planning how to integrate digital currency into its existing treasury infrastructure.
Alongside collaborating with Crypto.com the payment processing company has also been working with Anchorage, the first federally chartered digital asset bank.
The plan to have the option of settling in USDC could help Crypto.com and other crypto native companies immensely, allowing them to sidestep Visa’s accepted settlement processes, which requires partners to settle payments using traditional fiat currency.
“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Jack Forestell, executive vice president and chief product officer. “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.”
Kris Marszalek, Co-founder and CEO of Crypto.com said: “We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently.”
“Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.”