Payments Giant Visa Selects Ethereum Rival Solana (SOL) for Stablecoin Settlement Expansion

Visa Expands Stablecoin Settlement to Solana and Merchant Acquirers

Visa has announced that its expanding its stablecoin settlement capabilities with a new system based on the Solana (SOL) network.

In a new press release, Visa says that after a successful pilot involving digital asset exchange Crypto.com, it’s launching a new cross-border money system using Circle’s USDC on Solana.

Visa says that through the pilots, the firm has already moved millions of USDC between its partners on both Solana and Ethereum over VisaNet, the giant’s online payment processing system.

Cuy Sheffield, Visa’s head of crypto, says,

“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’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. Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”

Visa says with Solana’s high speed, high throughput infrastructure, it became the prime candidate to meet the “significant demand” for a chain that allows its clients to send and receive stablecoins at high speeds for lower costs.

“For these reasons, Visa chose to add support for Solana as a high performance blockchain that its partners can choose to send or receive USDC settlement payments. This makes Visa one of the first major payments companies at scale to directly utilize Solana for live settlement payments between its clients. The Solana blockchain sees 400 millisecond block times, averages 400 transactions per second (TPS) and typically surges to more than 2K TPS1 across a variety of use cases during periods of peak demand.”

SOL is currently up nearly 6% since the announcement from Visa.

Reacting to the news, Solana co-founder Anatoly Yakovenko said,

“This is fantastic! Visa is the gold standard in payments. I am ecstatic to hear that Solana’s infra is ready to support Visa’s merchants and users around the world.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/eliahinsomnia/WhiteBarbie

The post Payments Giant Visa Selects Ethereum Rival Solana (SOL) for Stablecoin Settlement Expansion appeared first on The Daily Hodl.

Steve Beckford

Steve Beckford

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 51,512.80
ethereum
Ethereum (ETH) $ 2,973.78
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 378.69
solana
Solana (SOL) $ 104.17
xrp
XRP (XRP) $ 0.541601
staked-ether
Lido Staked Ether (STETH) $ 2,974.40
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.590804
avalanche-2
Avalanche (AVAX) $ 37.11
tron
TRON (TRX) $ 0.139532
dogecoin
Dogecoin (DOGE) $ 0.084586
chainlink
Chainlink (LINK) $ 18.33
polkadot
Polkadot (DOT) $ 7.58
matic-network
Polygon (MATIC) $ 0.962640
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,525.81
the-open-network
Toncoin (TON) $ 2.08
internet-computer
Internet Computer (ICP) $ 12.90
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.40
litecoin
Litecoin (LTC) $ 69.34
bitcoin-cash
Bitcoin Cash (BCH) $ 261.56
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.33
filecoin
Filecoin (FIL) $ 8.17
leo-token
LEO Token (LEO) $ 4.15
kaspa
Kaspa (KAS) $ 0.169823
hedera-hashgraph
Hedera (HBAR) $ 0.114379
bittensor
Bittensor (TAO) $ 604.92
cosmos
Cosmos Hub (ATOM) $ 9.86
blockstack
Stacks (STX) $ 2.58
ethereum-classic
Ethereum Classic (ETC) $ 25.87
optimism
Optimism (OP) $ 3.65
aptos
Aptos (APT) $ 9.28
near
NEAR Protocol (NEAR) $ 3.22
stellar
Stellar (XLM) $ 0.115565
vechain
VeChain (VET) $ 0.044437
first-digital-usd
First Digital USD (FDUSD) $ 1.01
injective-protocol
Injective (INJ) $ 35.04
okb
OKB (OKB) $ 51.14
render-token
Render (RNDR) $ 7.58
celestia
Celestia (TIA) $ 17.15
lido-dao
Lido DAO (LDO) $ 3.02
the-graph
The Graph (GRT) $ 0.285264
mantle
Mantle (MNT) $ 0.768320
crypto-com-chain
Cronos (CRO) $ 0.092055
arbitrum
Arbitrum (ARB) $ 1.84
monero
Monero (XMR) $ 125.05
sei-network
Sei (SEI) $ 0.839848
sui
Sui (SUI) $ 1.69