coindesk.com
Cryptocurrency debit card firm Baanx has partnered with Visa to launch stablecoin payment cards tied to self-custodial wallets, starting in the U.S. with Circle’s $USDC dollar pegged token, the companies said.
The Visa cards enable holders to spend $USDC directly from their crypto wallets, using smart contracts to move a stablecoin balance upon card authorization from the consumer to Baanx in real time, with Baanx converting the balance into fiat for payment, according to a press release on Wednesday.
Allowing people to manage their money on-chain with the help of major card networks like Visa and Mastercard is a fast growing segment within crypto. Baanx, a firm that specializes in crypto debit cards, is also working with Mastercard on a card linked to MetaMask wallets.
The stablecoin payments is also heating up with Circle recently announcing its own payment network focused initially on cross-border payments and remittances.
Baanx’s stablecoin-linked Visa cards promise a global reach with low-cost cross border payments in the mix, according to the release.
“In many regions, access to stable currency is a luxury. We're giving people the ability to hold and spend USD-backed stablecoins seamlessly — in a self-custodial, real-time way — anywhere Visa is accepted. This is what the future of finance looks like,” said Simon Jones, chief commercial officer at Baanx in a statement.
“We know the payments ecosystem is still in the early innings of stablecoin adoption, but real-world utility is coming to the forefront, and we’re excited for what’s next,” said Rubail Birwadker, Visa’s head of growth products and partnerships in a statement.