- Visa is making plans to create a bring stablecoin settlement to its 2.5 billion customer base in the near future.
- Visa is looking forward to expanding its network, to potentially integrate CBDCs and Stablecoins.
According to the chief of crypto division at the leading payment giant Visa, Cuy Sheffield, the stablecoin settlement might just be coming to the platform. In detail, Cuy Sheffield layed down the company’s plans at the StarkWare Sessions 2023. He Reveals that visa is working on a “muscle memory” for settlements.
The settlements will enable its 2.5 billion customer base to easily convert cryptocurrency assets and fiat currencies directly on its platform.
Visa’s attention is now on building upon the worldwide settlements with crypto and fiat currencies. According to Sheffield, this is what Visa is currency engaged in ;
That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars and euros in cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.
Sheffield explains that Visa is already testing the process of settlement acceptance, particularly on the Ethereum and Stellar networks. Cuy further added saying:
We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments..
Adoption of stablecoins is going to catapult in so many ways, and value for accepted stablecoins could respond positively after integration.
Visa is no stranger to Crypto
Visa has been on the journey of bringing blockchain to its platform. Although the global payment system SWIFT, is still where all transactions will take place.
He is quoted explaining this to Cointelegraph, saying the following ;
We set all over Swift, so we can’t move money as frequently as we’d like because there are a number of limitations that exist in those networks. And so, we’ve been experimenting, We publicly announced. We’ve been testing how to actually accept settlement payments [with stablecoins].
At a recent annual shareholders meeting, Visa’s former CEO AI Kelly shares some insight details.
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Per Kelly’s observations, Visa sees the potential that stablecoins and central bank digital currencies (CBDCs) have if integrated into its platform.
Cuy Sheffield added to these observations, saying that the company is concerned with taking some of the value that Visa already provides on existing banks and rebuilding it on top of blockchain rails. That will in turn facilitate the growth of the potential in that area, if any.
