Visa recently announced that it will be strengthening its stablecoin settlement capabilities with a new system that is based on the Solana (SOL) network.
Visa conducts a pilot program with Crypto.com
According to a press release, Visa conducted a successful pilot with Crypto.com and is now launching a new cross-border payment system using Circle’s USDC on Solana.
Visa has already moved millions of USDC between its partners on both Solana and Ethereum over VisaNet, the company’s online payment processing system, as part of the pilot.
Cuy Sheffield, Visa’s head of crypto, stated the following:
“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.”
He continued and said this:
“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.”
According to Visa, Solana’s fast and efficient infrastructure is an ideal option to accommodate the considerable demand for a blockchain that permits clients to send and receive stablecoins quickly and at a lower cost.
As a result, Visa has decided to add support for Solana as a high-performance blockchain that its partners can opt to use for sending or receiving USDC settlement payments.
This makes Visa one of the first significant payment companies to utilize Solana directly for live settlement payments between clients.
The Solana blockchain has a 400 millisecond block time, an average of 400 transactions per second (TPS), and can surge to over 2K TPS1 across various use cases during peak demand. Following Visa’s announcement, SOL has increased by almost 6%.
Reacting to the news, Solana co-founder Anatoly Yakovenko said the following:
“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.”
