Visa to let retailers receive USDC payments on Solana

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Visa to let retailers receive USDC payments on Solana

Visa, the biggest payment giant, is launching a pilot program that will allow retailers to receive USDC payments on Solana.

Re helping to enhance the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa's treasury, said Cuy Sheffield, head of Crypto at Visa.

SOL, the native token of the Solana blockchain, is up nearly 5% on the news. With a market capitalization of $26B,USDC is the second-largest stablecoin of crypto.

Visa is no stranger to crypto payments, having already launched a pilot program several years ago enabling Crypto.com to send USDC on Ethereum. The $500B financial services giant is now working with payment processing firms Worldpay and Nuvei to receive and settle transactions inUSDC.

The move marks a major endorsement of Visa for its previous pilot and introduced a recurring payments feature using Starknet, a scaling solution for Ethereum, late last year.

Sheffield was bullish on stablecoins at the Starknet summit last week.

t really scales. We think that stablecoins, running through many different blockchains, are one of the most important and interesting innovations happening in payments today, he said.