- 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…The post VISA Executive Reveals Plans of Stablecoin Settlement appeared first on Coin Edition.