Visa Will Accept Payments With USD Coin

Visa announced today that it will allow the use of USD Coin in the payment network.

Visa will accept payments with USD Coin. Making a statement on the subject today, Visa stated that it will allow the use of USDC, a stable cryptocurrency tied to the US dollar, for transactions in the payment network. According to information provided by Reuters, the company has launched a pilot program for this with Cyrpto.com and plans to realize this option with more partners in 2021. Cuy Sheffield, head of Visa's cryptocurrency unit, said: “We see increasing demands from consumers around the world to access and use digital currencies, and our customers want us to create products that provide that access.” In current systems, while it is generally used for crypto purchases, it is converted into fiat money and the process is completed in this way. This application, where Visa will use the Ethereum blockchain, completely eliminates the need to convert cryptocurrency to traditional currency in order to complete the transaction. Visa, which recently partnered with digital asset bank Anchorage, stated that Cyrpto.com made its first transactions this month, with Visa's sending USD Coin to its Ethereum address in Anchorage. Visa started work on USDC in December. Stating that it sees cryptocurrencies such as Bitcoin as "digital gold", the company is also preparing to take steps to spread the adoption and use of Bitcoin. Visa CEO Alfred Kelly said, "We want to allow Bitcoin to be easily converted into fiat money so that it can be used instantly in 70 million locations around the world where Visa is accepted." On the other hand, Visa is working with Anchorage to process Bitcoin transactions of customers in traditional banks.