Visa
Connecting Its Payment Network to Circle’s Ethereum-Powered USD Coin ($USDC)
Visa and Circle Internet Financial (“Circle”),
which developed dollar-backed stablecoin USDC Coin (USDC), announced that from
today Circle will help Visa card issuers to enable sending/receiving USDC
payments.
The Forbes report says that
“businesses will eventually be able to send international USDC payments to
any business supported by Visa, and after those funds are converted to the
national currency, spend them anywhere that accepts Visa.”
Once Circle has gone through
Visa’s Fast Track program (sometime next year), Visa will create a card that
allows any businesses to send/receive USDC to/from other businesses via the
card. After the USDC funds are converted to the local currency, businesses
can spend the money anywhere that takes Visa.
Visa’s Head of Crypto Cuy
Sheffield had this to say:
“This will be the first, corporate card
that will allow businesses to be able to spend a balance of USDC. And so we
think that this will significantly increase the utility that USDC can have
for Circle’s business clients”