A small step for Visa, a big step in the era of encryption

Visa officially announced on Monday that it is using the Ethereum network for USDC stable currency payment settlement. This development means that Visa has become the first major payment network to use stablecoins as a settlement currency.

Visa CEO Alfred Kelly said that the company's goal is to cover Bitcoin and other cryptocurrencies and stablecoins, and hopes to introduce USDC settlement functions for more partners in the coming year. Previously, Visa's standard settlement process required Crypto.com to settle in fiat currency, which increased the company's operating costs and business complexity. After this business improvement, Crypto.com will directly use USDC and Visa for settlement. Jack Forestell, Chief Product Officer of Visa, said, "This improvement is an important milestone in addressing the needs of financial technology companies to manage their businesses with stablecoins or cryptocurrencies. It is also an extension of our business development over time. It has always been our mission to complete payments in all different currencies around the world."

Crypto.com co-founder and CEO Kris Marszalek also stated that the company hopes to enable millions of consumers around the world to access and use digital currency, and Visa’s huge payment network will help to provide digital currency Empowerment.

Visa USDC's settlement agent is the crypto bank Anchorage, which means that Crypto.com sends USDC to Visa's Ethereum wallet address in Anchorage.

Diogo Mónica, co-founder and president of Anchorage, "Visa discussed with us in 2019, using the Anchorage custody platform for fund custody, making digital currency safe, efficient, and seamless settlement and payment possible, which will enable the next generation of encryption. Native issuers can choose to settle digital currency directly with Visa on the public blockchain."

Visa's new service is a "small step" for its settlement platform, but it is a "big step" for integrating digital assets.