Visa will offer USDC payments: Partnership with Circle
This could significantly lower the entry barrier for Stablecoins.
Visa has teamed up with the block chain service provider Circle to offer Stablecoin USD Coin (USDC) transactions for certain credit cards.
„After Circle’s participation in Visa’s Fast Track programme, Visa will probably issue a credit card sometime next year that will Bitcoin Blueprint allow companies to send and receive USDC payments directly from any company using the card“, a Forbes article said Wednesday.
Cuy Sheffield, Visa’s head of cryptography, told Forbes:
„This is the first corporate credit card that allows companies to issue USDC“.
It will also enable cross-border USDC transactions. The payment giant also announced on Tuesday that it had entered into a partnership with BlockFi. This will involve the launch of a credit card that will include reward points in Bitcoin (BTC).
Twenty-five wallet providers have entered the Fast Track programme in the last few days
This will allow the Visa project around the USDC to begin, said Mr Forbes.
„We continue to see Visa as a network of networks. Blockchain networks and stablecoins, such as the USDC, are just another network. We therefore believe that Visa can offer significant added value to our customers by giving them access to them and allowing them to shop with our merchants“.
Crypto acceptance has grown considerably in 2020. PayPal is introducing digital assets on its platform and big names in traditional finance have also bought Bitcoin on a large scale.
Earlier this year, Coinbase was authorised to issue cards, as the exchange became a key member of Visa.