Visa Inc. embraces Solana blockchain to supercharge credit card payments with USDC, aiming to modernize cross-border transactions. This partnership promises faster transaction speeds and underscores Visa's commitment to crypto innovation, as confirmed by Visa's head of crypto, Cuy Sheffield.

With this move of using USD Coin and Solana blockchain, Visa is not only beefing up its crypto ambitions, but credit card payments will also be faster. As per Decrypt, the firm said it is working with merchant acquirers to move millions in USDC, which is currently the sixth-largest crypto asset.

Visa mentioned it is in talks with merchant acquirers - Worldpay payment processing company and Nuvei Canada-based payment processor - to allow them to settle using USDC rather than fiat currencies. The "settlement" terminology in this line of business refers to the completion of the process starting from when the issuing bank moves funds from the cardholder's account to the bank that accepts card payments in the merchant's name. Meanwhile, Visa's move to tap the Solana blockchain to expand its payment capability takes it another step closer to achieving its goal of modernizing cross-border money movement.

"By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we are helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa's treasury," Visa's head of crypto unit, Cuy Sheffield, said in a press release. "Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money."

Circle's co-founder and CEO, Jeremy Allaire, also said, "We are excited about the USDC use cases Visa and its partners are driving to create fundamental blockchain innovation."

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