coinculture.com
According to a presentation by the CEO of Visa’s crypto business at StarkWare Sessions 2023, the payment giant Visa is planning to establish “muscle memory” around settlements by allowing users to convert digital assets to fiat currencies on its platform.
You might also like
FTX Asks Politicians to Return Sam Bankman-Fried’s Donations
Committee Appointed To Represent Genesis Global’s Unsecured Creditors
According to Cuy Sheffield, the firm has been conducting trials on Ethereum to receive USDC settlement payments from issuers and make USDC payouts. During a fireside discussion during the event, Cuy Sheffield clarified that these are big-value settlement payments.
The CEO claims that Visa is investing resources towards developing global settlement systems that use both digital assets and fiat currencies.
Although Visa is looking into how to incorporate blockchain technology into its existing network to speed up money transfers, most transactions are still settled through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system.
VISA: We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. And these are large value settlement payments. https://t.co/M2PkeQDNBL
— Wu Blockchain (@WuBlockchain) February 6, 2023
During his address to Visa’s annual shareholder meeting, former CEO Al Kelly briefly discussed the company’s plans for central bank digital currencies (CBDCs) and private stablecoins. He said that stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space, and the firm has several initiatives underway.
Sheffield validated the firm’s position on blockchain and digital assets. Taking some of the value that Visa now delivers on traditional banking rails and re-creating it on top of blockchain rails with stable boards is something given a lot of thought. It seems to emerge if there is significant potential in that area continually.