Visa to enable USDC payments on Solana

Visa to enable USDC payments on Solana

Visa is launching a pilot program that will enable merchants to receive USDC payments on Solana.

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, said Cuy Sheffield, head of Crypto at Visa.

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

Visa has already launched a pilot program that enabled to send USDC to Ethereum over the Internet. The $500B financial services giant is collaborating with payment processing firms Worldpay and Nuvei to receive and settle transactions inUSDC.

The move marks a significant endorsement of Solana Visa, who used Ethereum for its previous pilot and introduced a recurring payments feature, which uses Starknet, a scaling solution for Ethereum, late last year.

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

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