Visa begins settlements for USDC stablecoins payments on the Ethereum blockchain

Payments giant Visa has announced it is now settling payments in the USDC stablecoin on the Ethereum blockchain, becoming the first major payments network to use a stablecoin as a settlement currency.

According to Business Insider, Visa piloted the USDC payment option via cryptocurrency exchange Crypto.com, which will now be able to manage its crypto debit card business entirely in digital assets. Visa’s standard settlement process required the firm to settle in fiat currency, adding costs and complexity to its operation.

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