Huge: VISA To Accept USDC For Payments Via ETH Blockchain
Huge: VISA To Accept USDC For Payments Via ETH Blockchain
DNakaMotooOfOurTime 30th, March 2021 (2 weeks ago)
News
Visa said on Monday it will allow the use of USD Coin to settle payment transactions on its network.
Visa has announced yesterday that it will be accepting USDC, a stable cryptocurrency via the Ethereum Network for its payments. The multinational financial corporation which facilitates electronic funds transfer throughout the globe plans on bridging the worlds of digital and traditional fiat currencies.
“Visa is leading the market with its innovative approach to payments in many forms. We are very impressed with their efforts. Having USDC on the Visa network is an outstanding next step in our mission to connect the world using stablecoins built on Centre standards, starting with USDC.”
The financial company piloted the option with digital assets bank, Anchorage and crypto.com, one of the top leading cryptourrency exchanges currently existing.
"Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors," Jack Forestell, Visa's executive vice president and chief product officer, said in a statement.
HOW DOES THESE HELP?
Customers using crypto.com Visa Card no longer need their cryptocurrencies to be converted into traditional currency before making a small purchase. The Visa system eliminates the complexity and allows crypto (USDC) to be selected directly thereby eliminating risks involved for businesses.
WHY USD COIN (USDC)
USD Coin is a stable cryptocurrency asset pegged to a stable traditional asset such as the US Dollars. This allows it to leverage the good parts of crypto (eg Bitcoin) without the volatility downside of things for merchants or businesses, this simply means that as a stable cryptocurrency it can't fall below the pegged price and also cant grow in value say like Bitcoin or Ethereum does.
Some other examples of stale coins are Paxos and USDT ( USD Tether).
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