Visa has already started using USD Coin (USDC), which is a US-dollar-based stablecoin. This way, the payments giant will settle its transactions over the open-source blockchain Ethereum. Are you interested in this new offering? Do you need help with crypto exchange UK? If yes, you’re at the right place.
Visa Accepting Stablecoins: Crypto Exchange UK
On March 29, 2021, Visa Inc. announced its 1st settlement transaction in USDC or USD Coin. The latter is a stablecoin associated with the US dollar on the Ethereum blockchain. So, this means you can now accept payments in crypto money USD Coin on Visa’s global network. 1 USD Coin is worth $1.
A stablecoin is a cryptocurrency. In this case, the price is set to be linked to a cryptocurrency, fiat money, or exchange-traded commodities such as precious metals or industrial metals.
USDC was launched in September 2018. The consortium called CENTRE is the body managing USDC’s policies, including its technical and financial standards. CENTRE was launched by peer-to-peer payment company Circle and crypto exchange Coinbase.
Are you searching for reliable merchant-processing services to accept cryptocurrency from your customers? Do you need assistance with crypto exchange UK? Well, turn to an expert payment-comparison company in the country that can provide you with the most unbiased review of merchant processors so you can make the right choice.
Visa Moving Towards Crypto Money
Visa’s step to accept USDC to settle transactions is an unprecedented attempt to bring digital and traditional fiat currencies closer. The payments giant views this new option as a crucial strategic point that can help customers enjoy safer crypto transactions, make cryptocurrency more useful, and applicable for payments.
By the way, Visa has recently partnered with Tala, a top digital financial services provider. The partnership aims to help underbanked populations enter the world of cryptocurrency. Other sides of the partnership include Circle and the Stellar Development Foundation.
The payments giant is going to further expand its services beyond USD Coin. The company is planning to add more stablecoins to its settlement platform to offer central bank digital currencies (CBDC) as they become available. These are digital currencies that a country’s central bank issues directly to its citizens.
With the world getting more digital, Visa Inc. has started offering stablecoins on its global network. The company has announced it’s not the final step the payments giant is taking and that they have more plans concerning cryptocurrencies.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of crypto exchange UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice cream on his backyard porch, as should all right-thinking people.