Visa’s Crypto Strategy Targets Stablecoin Settlements

Visa’s Cuy Sheffield explained the company’s vision for cryptocurrency at StarkWare Sessions 2023 event.

The Statement of Visa at StarkWare Sessions 2023

According to the statement at StarkWare Sessions 2023 event, payment company Visa will allow users to convert digital assets to fiat currencies on its platform.

“We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC
USDC on Ethereum. So, these are large value settlement payments,” Cuy Sheffield said during a chat with press at the event.

Sheffield explained that global settlement with digital assets and fiat currencies is one of the ways in which Visa invests. He appointed:

“That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.”

Visa and Blockchain Technology

Visa always tried to find new ways of incorporating blockchain technology into its existing network in the most officiant way in order to move money faster, although settlements still take place on the Society for Worldwide Interbank Financial Telecommunications, or SWIFT system, a not-for-profit cooperative society formed by European bankers with the purpose of facilitating secure and standardized transaction communication between its members.

“We set all over Swift, so we can’t move money as frequently as we’d like because there are a number of limitations that exist in those networks. And so, we’ve been experimenting, we publicly announced. We’ve been testing how to actually accept settlement payments [with stablecoins],” Sheffield explained.

Visa’s Future Plans

Visa’s former CEO Al Kelly explained the company’s plans for central bank digital currencies this way: “Stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space, and we have a number of initiatives underway.”

Sheffield confirmed the company’s view of blockchain technology and digital assets: “We’re thinking a lot about how to take some of the value that Visa provides on existing bank rails, with existing forms of beyond in a rebuild that on top of blockchain rails, using stable boards. If we think there are huge opportunities in that area, it just kind of stays on emerging.”

Source

https://cointelegraph.com/

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