Visa Announced Support for Stablecoin USDC

Visa announced that it will start supporting USDC (USD Coin), one of the Ethereum-based stablecoins known as open source blockchain technology.

Visa CEO Alfred Kelly had previously revealed during an interview that stablecoins are being put into view. Until now, only legal currencies such as dollars have been accepted as payment methods for Visa, and businesses built in digital currencies could increase the cost and complexity.

In the future, Visa announced that digital currency payments will be handled by crypto asset bank Anchorage. In addition, in the field of debit cards for cryptographic assets, it will start a PanElot program that will send USDC to Visa through Crypto.com, which is working with Visa, to make payments.

Visa looks forward to offering USDC payments to other partners a year after testing. In addition, Visa’s rival MasterCard is also planning to respond to crypto assets within 2021. Related information can be found here.