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According to Reuters, the giant Visa Inc today announced that it will allow the use of the USD Coin cryptocurrency to settle transactions on its payment network, the latest sign of the financial industry. The system is increasingly accepting digital currencies.
Visa has launched a pilot program with a cryptocurrency & payments platform – Crypto.com, and plans to offer the option to more partners by the end of the year, the company said.
USD Coin (USDC) is a stablecoin pegged directly to the US dollar.
Visa’s move comes as major financial firms including BNY Mellon, BlackRock Inc and Mastercard Inc have embraced a number of digital currencies, sparking predictions that cryptocurrencies will become a popular part. in the portfolio.
Last week, Tesla Inc boss Elon Musk said their customers can buy electric cars with Bitcoin, marking a significant step forward for the use of cryptocurrencies in commerce.
Cuy Sheffield, head of crypto at Visa, said:
We see the increasing need to access, own and use cryptocurrencies from consumers around the world; and we recognize a need from our customers to be able to make products that provide that access to them.
In the past, if a customer chose to use a Visa Crypto.com card for coffee payments, the digital currency in a crypto wallet would need to be converted into a traditional fiat currency. Cryptocurrency wallets will deposit traditional fiat currencies into a bank account, they are transferred to Visa at the end of the day to settle any transaction, which adds to the costs and complexity for businesses.
This latest development of Visa – using the Ethereum blockchain – is aimed at eliminating the need to convert digital currencies into traditional fiat money for transactions to happen.
Visa says it has partnered with digital asset bank Anchorage and completed its first transaction this month – with Crypto.com sending USDC to Visa’s Ethereum address in Anchorage.
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