Visa, a global leader in payments, has announced its latest initiative to modernize cross-border money flows by expanding its stablecoin settlement capabilities to the high-performance Solana blockchain. The company is collaborating with merchant acquirers Worldpay and Nuvei to enhance this service.
Visa's Blockchain-Powered Settlement Innovations
Through live pilots with issuers and acquirers, Visa has successfully transferred millions in USDC across Solana and Ethereum blockchain networks. This facilitates the settlement of fiat-denominated payments authorized via VisaNet.
Key benefits of this system include:
- Near real-time payment authorization for consumers
- Streamlined fund movement between issuing and acquiring banks
- Support for 15,000+ financial institutions and 25+ currencies globally
Cuy Sheffield, Head of Visa Crypto, stated: "By leveraging stablecoins like USDC and global blockchain networks such as Solana and Ethereum, we're enhancing cross-border settlement speed while providing clients modern options to send/receive funds through Visa's treasury."
Evolution from Crypto.com Pilot
Visa's stablecoin journey began in 2021 with a USDC pilot using Ethereum blockchain:
- Initial test with Crypto.com demonstrated stablecoin settlement for Australian Visa card program
- Reduced settlement times from days to minutes
- Eliminated costly international wire transfers
Jeremy Allaire, Circle CEO, noted: "USDC's functionality as a digital dollar transferring at internet speed creates fundamental blockchain innovation when combined with Visa's payment infrastructure."
👉 Discover how blockchain transforms cross-border payments
Extending Capabilities to Acquirers
Visa's new settlement options now enable:
- Chain-to-chain fund transfers to acquirers like Worldpay and Nuvei
- Faster merchant settlement times
- Support for blockchain-interacting merchants preferring stablecoins
Jim Johnson of Worldpay commented: "USDC settlement allows internalizing more financial operations while providing merchants diverse funding options."
Solana Blockchain Integration
Visa selected Solana for its:
- 400ms block times
- 400+ TPS capacity (peaking at 2,000+ TPS)
- Lower transaction costs
- High-performance architecture
Philip Fayer of Nuvei added: "Stablecoins represent cutting-edge payment technology helping online businesses grow through optimized cross-border transactions."
Frequently Asked Questions
Q: How does Visa's stablecoin settlement benefit merchants?
A: It accelerates settlement times from days to minutes while reducing international transfer costs.
Q: Which blockchains does Visa currently support?
A: Ethereum and Solana, with potential for future network additions.
Q: Can traditional businesses use this service?
A: Yes, any Visa-accepting merchant can benefit from faster settlements via participating acquirers.
Q: How does USDC maintain stability?
A: As a regulated stablecoin, USDC is 100% backed by cash and short-duration U.S. Treasuries.