Visa announced that it will use USD Coin (USDC), a fixed cryptocurrency, for account closures in the payment network system.
With the direct acceptance of payments in USD Coin, Visa plans to build a new bridge between digital and traditional currencies.
Cryptocurrency partnered with Visa
Visa announced that they are launching a joint pilot program with Crypto.com, hoping to offer their partners more options next year.
Cuy Sheffield, head of cryptocurrency at Visa, said, “We have seen most of our crypto partners build and use their transactions on USDC. Many of them pay their employees and sellers with stablecoin. The agreement we made is an indication of a natural harmony, ”he said.
The USD Coin is a stablecoin, meaning its value is directly pegged to the US dollar.
Bitcoin and altcoin prices soared after Visa’s statement, which has 3.3 billion credit card users worldwide.