VISA Inc is testing large-value settlement payments using stablecoins as part of its efforts to incorporate blockchain technology into its platform.
The payment giant is working on Ethereum integration and exploring the potential of stablecoins and central bank digital currencies in the future of global payments.
VISA Inc. aims to transform the worldwide payment landscape and usher in a new era of financial innovation through the integration of blockchain technology and stablecoins into its platform.
As the world’s largest payment processor, the company has launched pilot programs to settle high-value transactions using stablecoins and is actively developing a mechanism to convert traditional dollars into tokenized dollars, such as stablecoins.
Blockchain And Digital Assets: Sheffield Speaks Out
Cuy Sheffield, the Head of the Cryptocurrency Division at VISA, has confirmed the company’s stance on blockchain technology and digital assets. Sheffield stated that VISA is exploring ways to rebuild its value proposition on top of blockchain rails utilizing stablecoins, which is currently being provided through traditional bank rails. He sees this as a rapidly growing sector that offers numerous opportunities for growth.
VISA is leveraging Ethereum for the purpose of enabling automatic payments and working to enhance the SWIFT settlement system. If successful, this initiative has the potential to increase the use of stablecoins for global payments and hasten the adoption of digital assets.
Former CEO of the company, Al Kelly, highlighted at the annual shareholder meeting that stablecoins and CBDCs have the potential to significantly impact the payments space and that the company is investing in this field to drive improvements.
In conclusion, VISA’s innovations in stablecoins and blockchain are transforming the global payments landscape. Its payment system has the potential to benefit from the integration of blockchain technology and stablecoins, making it more secure, efficient, and faster.
Source: Read Full Article