- Visa incorporates Solana blockchain into its USDC settlement framework, promising high-speed, cost-efficient transactions.
- Merchant acquirers Worldpay and Nuvei join the stablecoin settlement pilot program on Solana.
In a defining moment for digital financial transactions, Visa is escalating its USDC settlement protocol by including the high-performance Solana blockchain. This pivot not only showcases Visa’s continuous commitment to adopting decentralized technology but also positions Solana as a game-changer in the world of digital payments.
Visa’s decision to incorporate Solana was informed by months of rigorous research and testing. The blockchain offers:
- Ultra-fast transaction confirmation
- Negligible transaction costs
- Exceptional throughput
- Robust decentralization Previously, Visa had been running pilot programs for USDC settlements on the Ethereum network, but the switch to Solana aims to bring in efficiencies unmatched by other blockchains.
In a parallel move, Visa has announced new collaborations with merchant acquirers Worldpay and Nuvei. Both companies will participate in Visa’s pilot program for USDC settlement on Solana. This initiative extends the choice of settlement currencies to businesses worldwide, marking a significant upgrade in payment clearing and settlement timeframes.
Visa’s Pioneering Steps in Blockchain Technology
Visa initiated its journey into blockchain-based payments back in 2021, beginning with a pilot program involving Ethereum and Crypto.com. According to CoinDesk report, this earlier initiative was a stepping stone that led to the inclusion of Solana, signaling the critical role high-performance blockchains are set to play in shaping the future of digital transactions.
By integrating both the Solana and Ethereum networks, Visa has succeeded in establishing new benchmarks in cross-border fund transfers between various financial institutions. The partnerships with Worldpay and Nuvei also underline Visa’s readiness to serve the ever-expanding market of merchants engaged in blockchain and crypto activities.
1/🏦Breaking: Visa Expands Stablecoin Settlement Pilot to Solana@Visa is scaling their USDC settlement pilot to include the Solana blockchain, enabling enterprise-grade throughput at virtually no cost for Visa issuers and merchant acquirers on Solana. https://t.co/rF5ouZaISM
— Solana (@solana) September 5, 2023
As Visa continues to integrate cutting-edge blockchain solutions into its settlement systems, it stands at the threshold of a transformative era in digital payments and fund movement.
