Visa on Wednesday said it is linking its payments network of 60 million merchants to the USDC stablecoin developed by Centre, the consortium founded by Circle and Coinbase.
Description: Credit card giant Visa today announced it is connecting its global payments network of 60 million merchants to the U.S. Dollar Coin (USDC) developed by Circle Internet Financial on the Ethereum blockchain.
Circle specialists will assist in the integration of the software into the Visa payment service platform in USDC — Visa Fast Track. Fintech partners at Visa will be able to connect to the ecosystem and issue their own credit cards. This will allow receiving and sending USDC payments to any company with such a card.
The company notes that this will be the first corporate card with a USDC. This solution will increase the usefulness for Circle business clients. Over 60 million merchants will be able to use USDC payments. This stablecoin has a capitalization of $2.9 billion and ranks 13th among the most expensive cryptocurrencies.
It is estimated that $120 trillion worth of payments are made annually through cheques and bank transfers. Each payment is worth $50, regardless of size.
So far, the benefits of USDC payments have been minimal, despite increased capitalization. A few cents worth of USDC payments in fees can revolutionise the market. According to Mike Novogratz on Twitter, this is very positive news for the crypto industry.
Visa plans to further expand the market by integrating Bitcoin, Ethereum and Ripple payments. In February 2020, the partnership between Coinbase and Visa led to the release of the Coinbase Card in November. This allows Americans to pay in cryptocurrency wherever Visa is accepted and receive 4% cacheback.
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