• Visa is testing USDC payments on Ethereum, aiming to access smart contract-based payment options.
• The USD Coin (USDC) token trades at $1.00 with a 24 hour trading volume of $2 billion and a market cap of $41 billion.
• The multinational financial company seeks to strengthen its ability to process quick and safe cross-border payments, improve its fraud detection and prevention capabilities, and lower its operational costs by using the transparency, security, and immutability of blockchain technology.
Credit Card Giant Visa Testing USDC Payments on Ethereum
Visa is experimenting with how to accept payments from issuers in USDC on Ethereum and payout in USDC as well as large settlement payments. This was announced by the President of the cryptocurrency division at Visa during StarkWare Sessions 2023. Furthermore, the credit card giant intends to integrate Ethereum blockchain-powered solutions into its services for customers’ demands in order to convert digital assets into fiat payments.
USDC Price Track
The stablecoin USD Coin (USDC) tumbled due to recent market bearish momentum but has now seen an uptick in the global digital market with a market cap of $1.1 billion increased around 1.5% in a day and traded at $1.00 with 24 hours trading volume of $2 billion, increased around 2.5% in the previous day also having a market cap of $41 billion .
What is Visa Seeking?
Visa seeks to strengthen its ability to process quick and safe cross-border payments, improve their fraud detection and prevention capabilities, and lower their operational costs by using the transparency, security, and immutability that comes along with blockchain technology. Additionally there are plans for providing new smart contract based payment options for customers via integration with Ethereum .
Optimism From CEO Alfred F Kelly
The CEO Alfred F Kelly believes that stablecoins and CBDCs can play a meaningful role in the future payments space as he is optimistic about incorporating blockchain powered solutions into their services .
In conclusion , visa seeksto integrate Ethereum blockchain powered solutions into their services for customers’ demands which would result inthe strengtheningof their abilityto processquickand safecross borderpayments , improvement oftheirfraud detectionandpreventioncapabilities , bringing downoperationalcosts through useof transparencysecurityandimmutabilityof blockchaint echnologyaswellas offering newsmartcontractbasedpaymentoptions viaintegrationwithEthereum .