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Visa Announced the Testing of Stablecoin Settlements on Ethereum during StarkWare 2023 Talk

by BlockNews Team
February 7, 2023
in BUSINESS, CRYPTO, FINANCE, MEDIA
Reading Time: 3 mins read
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  • VISA Inc. is exploring the integration of blockchain technology and stablecoins into its platform to transform the global payments landscape.
  • The company is piloting large-value settlement payments using stablecoins and developing a mechanism to convert traditional dollars into tokenized dollars.
  • VISA is leveraging Ethereum for automatic payments and enhancing the SWIFT settlement system to increase the use of stablecoins and hasten the adoption of digital assets.

Visa’s Head of the Cryptocurrency Division, Cuy Sheffield, has confirmed the company’s positive stance on blockchain technology and digital assets. During a talk at StarkWare 2023, Sheffield stated that Visa is exploring ways to rebuild its value proposition on top of blockchain rails, utilizing stablecoins, which are currently being provided through traditional bank rails. He sees this as a rapidly growing sector that offers numerous growth opportunities.

Visa Inc. is testing the use of stablecoins for large-value settlement payments to incorporate blockchain technology into its platform. As the world’s largest payment processor, Visa is exploring the potential of stablecoins and central bank digital currencies (CBDCs) for the future of global payments. Visa has launched pilot programs to settle high-value transactions using stablecoins and is developing a mechanism to convert traditional dollars into tokenized dollars such as stablecoins.

The company is leveraging Ethereum to enable automatic payments and working to enhance the SWIFT settlement system. If successful, this initiative has the potential to increase the use of stablecoins for global prices and hasten the adoption of digital assets.

Stance on Blockchain-Powered Solutions

Visa’s stablecoins and blockchain technology innovations are transforming the global payments landscape. Its payment system has the potential to benefit from the integration of blockchain technology and stablecoins, making it more secure, efficient, and faster. The company is confident that blockchain-powered solutions can be integrated into Visa’s services and offerings to power the next generation of payments.

At the annual shareholder meeting, Visa’s former CEO, Al Kelly, highlighted the potential impact of stablecoins and CBDCs on the payments space. Kelly confirmed that the company is investing in this field to drive improvements.

He says, “It’s very early days, but we continue to believe that stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space, and we have several initiatives underway.”

VISA’s Previous Crypto-related Initiatives

Visa’s research team began working on a blockchain interoperability project in September 2021 called the Universal Payment Channel (UPC) initiative. The project was designed to establish a “network of networks” for CBDCs and private stablecoins to pass through various payment channels. However, the company last provided an update on the UPC in over 12 months.

More recently, Visa announced a plan to allow automated bills to be paid out from a user’s Ethereum-powered wallet. The payment giant has also rolled out several “zero fees” cryptocurrency debit cards, including a now-terminated agreement with FTX and a partnership with Blockchain.com, which is still in effect.

Visa President Ryan McInerney will officially replace Al Kelly as CEO in February, while Kelly will remain on the board as executive chairman. McInerney appears equally, if not more, bullish on blockchain-powered payment solutions. In an interview with Fortune, McInerney stated that Visa still has “$14 trillion of cash out there being spent by consumers that can be digitized” and that the company is continuing to explore where crypto payments may be best leveraged.

Tags: crypto adoptionethethereumStablecoinsVISA
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