Visa begins to operate with cryptocurrencies: it already accepts the stablecoin USDC in the United States
Visa, which has one of the largest payment platforms in the world, has started trading cryptocurrencies. Notice of this recently and now it is finally becoming a reality by taking a first step: accepting USDC as a payment currency in the United States.
USDC operates like a stablecoin. This means that the currency always has the same value as a traditional currency, in this case the US dollar. The cryptocurrency works through Ethereum and has the Crypto.com cryptographic wallet behind it as a point of operations.
Until now, if you wanted to pay in USDC, you had to first convert that amount into USD, so there were sometimes additional charges. With the change of Visa now both customers and sellers can pay and collect directly in USDC without complicating more.
Visa claims to have partnered with 35 digital currency platforms so far to allow linking USDC wallets. Among them, Coinbase, BlockFi or the previously mentioned Crypto.com stand out for example.
With USDC developed by Circle Internet Financial, the cryptocurrency has right now $ 11 billion in circulating supply. A few months ago, Visa and Circle Internet Financial partnered to find new uses for USDC. Among them, the project to create a Circle Visa bank card that will operate, of course, with USDC stands out.
Cryptocurrencies in the big payment platforms
Visa isn’t the only one wanting to break into the promising crypto market. Your great competitor, Mastercard, ad also recently your plans for allow clients to trade cryptocurrencies. Visa seems to have gotten ahead of itself.
On the other hand we have PayPal, that although it is a newer platform and born directly weighing on digital payments, it also announced his intention to join. Anyway, there is still a lot of work ahead, even for Visa, which promised to allow paying in Bitcoin.