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Seeking Alpha 2021-03-29 12:47:36

Visa to start allowing transaction settlement in USDC stablecoin

Visa (V) will allow the use of USD Coin (USDC-USD), a stablecoin backed by the U.S. dollar, to settle a transaction with Visa over Ethereum, one of the most actively used open-source blockchains.The card network is piloting the capability with Crypto.com and plans to offer the USDC settlement capability to additional partners later this year.Visa has spent the last year establishing a pathway for digital currency settlement within its existing treasury infrastructure. Working with Anchorage, the first federally chartered digital asset bank and an exclusive Visa digital currency settlement partner, has launched a pilot that allows Crypto.com to send USDC to Visa to settle a portion of its obligations for the Crypto.com Visa card program.Visa’s standard settlement process requires partners to settle in a traditional fiat currency.Visa said its treasury upgrades and integration with Anchorage also strengthen Visa’s ability to directly support new central bank digital currency ("CBDC") as they emerge in

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