Visa announced that it is accepting the stablecoin USD Coin (USDC) for payments. USDC. In what it called a “major industry first in bridging the worlds of digital and traditional fiat currencies,” the company said that USDC can be used to settle a transaction with Visa over Ethereum.
“By harnessing its global presence, partnership approach, and trusted brand, Visa is focused on adding differentiated value to the ecosystem and making cryptocurrencies more secure, useful, and applicable for payments,” the company said in a statement.
Visa is piloting the capability with Crypto.com and plans to offer the USDC settlement capability to additional partners later this year. The company is also working with Anchorage, the first federally chartered digital asset bank, on the solution.