Financial services provider VISA has officially approved the processing of USD Coin (USDC) transactions, Reuters news agency reported on Monday. This move is a new milestone in the widespread adoption of cryptocurrencies and stablecoins.
VISA has partnered with Crypto.com to officially launch a pilot program to implement payment processing through USD Coin (USDC) and the Ethereum network. VISA already announced this year that the direct purchase of Bitcoin (BTC) including acceptance as a means of payment by more than 70 mln merchants would be sought.
Cuy SHEFFIELD, head of crypto projects at VISA, explains that demand is only one side of the coin. Because customers of the official partner VISA Crypto.com can already make their daily purchases using digital currencies. But sometimes these cryptocurrencies need to be converted to fiat currencies during the payment process. The current move of VISA no longer requires converting USDC to fiat currency. Because when using the ETH network, transactions with USDC are processed automatically, without any banks or additional effort.