Visa to enable USDC payments on Solana

Visa to enable USDC payments on Solana

Visa has created a pilot program that will enable merchants to receive USDC payments on Solana.

reassisting 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, 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 utilized a pilot program in two years enabling to send USDC on Ethereum. Now, the $500 billion financial services giant is collaborating with payment processing firms Worldpay and Nuvei to receive and settle transactions in USDC.

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

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

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