Visa continues to expand its solutions and capabilities by adding support to USD Coin (USDC) issued on the Solana (SOL) blockchain. This would allow for new integrations with different partners and also with new clients in multiple locations. The information was released by VISA in a recently published press release.
Visa Expands USDC Settlements to Solana Blockchain
In a recent press release, VISA informed that they are expanding their settlement capabilities with Cirlce’s USDC. Now, the payment company is working in order to add new pilot programs with a wide range of merchants, including Worldpay and Nuvei. It is worth taking into consideration that this program involves the usage of the Solana (SOL) blockchain, a strong competitor for Ethereum (ETH), the second-largest blockchain network in the world.
Cuy Sheffield, the Head of Crypto at Visa, explained that by using multiple blockchain networks they are able to improve the speed of cross-border transfers and settlements.
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.”
Solana is one of the largest cryptocurrency networks in the market. At the time of writing this article, Solana is the 10th largest virtual currency in the market with a price per coin of $20,20 and a market capitalization of $8.27 billion.