This was already mentioned on another thread but it's an important milestone that it should have its own thread Visa Becomes First Major Payments Network to Settle Transactions in USD Coin (USDC) With the direct acceptance of payments in USD Coin, Visa forges new connections between digital and traditional currencies. Visa Becomes First Major Payments Network to Settle Transactions in USD Coin (USDC) (Graphic: Business Wire) March 29, 2021 05:00 AM Eastern Daylight Time SAN FRANCISCO--(BUSINESS WIRE)--Visa (NYSE: V) today announced a major industry first in bridging the worlds of digital and traditional fiat currencies: the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum—one of the most actively used open-source blockchains.1 Visais piloting the capability with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, and plans to offer the USDC settlement capability to additional partners later this year. “Anchorage’s platform has been purposefully built for institutions like Visa to build new products in crypto. We’ve been with Visa every step of the way since 2019 and are extremely pleased to see these first stablecoin payment rails come to life through Anchorage APIs” Support for digital currencies as a new type of settlement currency marks an important step forward for Visa’s network of networks strategy, which is designed to enhance all forms of money movement, whether on the Visa network, or beyond. By harnessing its global presence, partnership approach, and trusted brand, Visa is focused on adding differentiated value to the ecosystem and making cryptocurrencies more secure, useful, and applicable for payments. Visa has spent the last year establishing a pathway for digital currency settlement within Visa’s existing treasury infrastructure, a platform that moves billions of dollars each day across thousands of institutions in more than 200 markets and 160 currencies. Working with Anchorage, the first federally chartered digital asset bank and an exclusive Visa digital currency settlement partner, Visa has launched a pilot that allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visa card program. Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies. The ability to settle in USDC can ultimately help Crypto.com and other crypto native companies evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows. Visa’s treasury upgrades and integration with Anchorage also strengthen Visa’s ability to directly support new central bank digital currency (CBDC) as they emerge in the future. “Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Jack Forestell, executive vice president and chief product officer, Visa. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.” Kris Marszalek, Co-founder and CEO of Crypto.com said: “We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently. Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.” “Anchorage’s platform has been purposefully built for institutions like Visa to build new products in crypto. We’ve been with Visa every step of the way since 2019 and are extremely pleased to see these first stablecoin payment rails come to life through Anchorage APIs,” said Diogo Mónica, Co-Founder and President of Anchorage. David Puth, CEO of Centre, which oversees the licensing of USDC, said: "Visa is leading the market with its innovative approach to payments in many forms. We are very impressed with their efforts. Having USDC on the Visa network is an outstanding next step in our mission to connect the world using stablecoins built on Centre standards, starting with USDC."
This is big news and will solve so many problems. Yeah, tell me again about how stablecoins are printed out of thin air! Haha!!
So how is this so important since it deals with a stablecoin? It seems like everyone loves the idea of crypto, but its too volatile. Once its no longer volatile, then what will be the point of holding crypto? I'm sure most are in it for price appreciation, and some just temporarily for transfer. But if there isn't money to be made in crypto, why not just use my Visa which pays me to use it? I of course understand buying BTC if you think its going to 100k or 500k from here, but if it flatlines at 50k for months and months, and turns out to be just good for large transactions, then I think the allure is gone.
it will not, just like it would never make it this high without Tethers. Tethers, BUSD and many other will push BTC to insane levels just like they did so far. Wish I was wise to join this racket sooner. Last week another billion of tethers was printed. It really going to the moon. Hoping for a big pull back to jump on the boat.
Is this true? "Currently moving 100 USDC cost about 15 bucks." If so, I don't want any settlement in USDC. But anyway, this move puts more regulatory pressure on the issuer of USDC: 1. Are they creating something that is equal to the US dollar, thus issuing money without license? 2. Are they fully backed and do they do quarterly audits? -------------------------------- Apparently: "And they are not even adopting it, they are just running a pilot test in preparation for future Central Bank Digital Currencies (CBDC)"
I am almost completely out of US dollar. Everything outside of stocks and real estate is now in bitcoin. I only convert it just to US dollar just before spending it/
Pekelo, Pekelo.... It looks liked you're doing research but only see the negatives and limits of this news, why is that? This is only the beginning and tbh I don't care if Visa integration stops with fintech companies and not go to the last mile (cryptos hodlers), I see the same benefits for hodlers which is ability to spend bitcoin and all cryptos at millions of places worldwide online and brick and mortar Think Coinbase, Gemini, Celsius Network, Voyager, Nexo, Kraken, BlockFi, etc Visa did their research and they're getting the first taste of the superpowers of cryptos versus the status quo incumbent intermediaries Still doesn't make sense? What's the settlement like on a Wells Fargo-linked Visa CC? days? Chargebacks? What's the settlement like with a crypto fintech using USDC on a Visa Ethereum address? lmao There's also a PayPal news that came out today, but we knew about that for a while now, maybe I'll still post it Here's a picture for you, Pekelo. Someone is being tossed to the side. When CBDC's come out, the central banks should go directly to the people, but I think the governments will still try to give them relevance and insist on putting them in the middle
Great points, but non of this matters when compared to Tethers. This is the catalyst that keeps pushing the price ever higher and higher. Last week alone 1 billion was printed, guess where it went