Visa said Monday that it is allowing USDC to be used to settle transactions across its payment network, the latest sign of the growing acceptance of digital currencies from the mainstream financial industry.
Visa explained Agency Reuters has launched a beta program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year.
Bitcoin, the most popular cryptocurrency, jumped to its highest level in one week, rising 4.5 percent to $ 58,300 and heading to a record high above $ 61,000 earlier this month.
Visa subsequently confirmed the news in a statement, and represents USDC is a stable cryptocurrency whose value is directly linked to the US dollar.
Visa’s move comes as finance companies, including BNY Mellon, BlackRock and Mastercard, are taking steps to increase the use of cryptocurrencies for investment and payment purposes.
Tesla boss (Elon Musk) Elon Musk, a major proponent of cryptocurrency, said last week that customers can buy Tesla electric cars with Bitcoin, hoping to encourage more daily use of the digital currency.
We see a growing demand from consumers around the world to be able to access, hold and use cryptocurrencies, and we see a demand from our customers to be able to build products that provide that access to consumers, ”said (Coy Sheffield) Cuy Sheffield, Visa.
And if the customer chooses to use the Visa Crypto.com card to pay for the coffee, the digital currency in the cryptocurrency wallet must be converted into conventional money.
A cryptocurrency wallet deposits traditional fiat currency into a bank account, to be connected via Visa at the end of the day to settle any transactions, adding cost and complexity to businesses.
Visa’s latest move, which uses the Ethereum blockchain, eliminates the need to convert the digital currency into conventional cash in order to settle the transaction.
Visa said it entered into a partnership with Digital Asset Bank Anchorage and completed its first transaction this month, in which Crypto.com sent USDC to Visa’s Ethereum address in Anchorage.