Before PayPal’s remarkable entry into the cryptocurrency market, VISA had already made a name for itself with cryptocompatible cards thanks to multiple partnerships in the sector. The supplier decided this time to partner with Circle to provide the same type of service for USDC. The announcement of this project also fell on December 2 through an article in Forbes.
Facilitate USDC transactions between businesses using Visa card
In charge of cryptocurrency issues at VISA, Cuy Sheffield explained that it will be the first card allowing businesses to spend a balance in USDC. For that, it will first be necessary that Circle fully validates the VISA Fast Track process as stated in the article by Forbes. “After Circle herself graduates from the program Visa Fast Track, probably next year, Visa will issue a credit card that will allow businesses to send and receive payments in USDC directly from any business using the card. Can we read there.
The spokesperson for Circle, Josh hawkins also confirmed that the launch of this card is scheduled for 2021 and thatit should be supported by the 60 million traders accepting VISA. Even if he declined to give more details, his company will have to enter into an agreement with a banking institution as part of this transaction. This is because Visa rules require that cards in the United States be officially issued by a bank.
Connect stablecoins to the VISA merchant network
These last weeks, 25 wallet providers will have successfully joined the VISA Fast Track plan before the current membership of the USDC as pointed out in the article by Forbes. At the beginning of the year, Coinbase Joins List of Top Visa Members Who Can Issue Supplier Payment Cards. Quite recently it was the turn of BlockFi to disclose the existence of an agreement authorizing him to market a VISA credit card paying Bitcoin rewards.
If VISA is developing so many partnerships in space, it is to further extend its network in order to offer his clients more and more options as meant by Mr. Sheffield. “We continue to see Visa as a network of networks […] Supply chain networks and stablecoins, like USDC, are just additional networks. We therefore believe that Visa can bring significant value to our customers, enabling them to access and spend at our merchants. »He thus affirmed.
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Like PayPal, Visa therefore has the ambition to contribute to the adoption of cryptocurrencies around the world by further expanding its network to this payment solution. Although the two events are not directly linked, the support of online payment providers is an asset for cryptocurrencies in the looming battle with CBDCs.