Visa is working with Circle Internet Financial, a US Dollar Coin (USDC) issuer, to incorporate USDC payment methods with Visa credit cards.
The two financial services companies allow Visa cardholders to send and receive stablecoin based on Ethereum, Forbes reports.
The partnership would soon allow Visa-supported companies to send USDC to every other Visa-supported company in the world. Once those funds are converted to the receiving companyâ€™s national currency, they will invest the money wherever the Visa accepts.
Circle, together with 25 cryptocurrency wallet providers that can now test the latest USDC functionality, is already part of Visaâ€™s Fast Track program. Visa will issue a credit card after Circle advances out of the Fast Track program that enables Visa-supported merchants to send and receive USDC to other Visa-supported merchants.
Says Visaâ€™s Cuy Sheffield Crypto Head,
â€œThis will be the first corporate card that will allow businesses to be able to spend a balance of USDC and so we think that this will significantly increase the utility that USDC can have for Circleâ€™s business clients.â€
Backed 1:1 by the US dollar, USDC stablecoins were first used to provide a simple way for Bitcoin holders to sell their Bitcoin. Today, Sheffield stresses that the future of cash is eventually connected to stablecoins and central bank currencies (CBDCs), and Visa is uniquely equipped to help promote the change.
â€œWe continue to think of Visa as a network of networks. Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that thereâ€™s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.â€