Digital currency comes to Visa’s settlement platform
Today Visa shared some historic news about their digital currency efforts: the first transactions settled with Visa in USD Coin (USDC), a regulated stablecoin backed by the US dollar and transacted over the Ethereum blockchain.
According to the blog post:
Having selected the USDC stablecoin as our pilot asset, we set about making the infrastructure upgrades necessary to mesh key components of digital currencies with Visa’s treasury operations. We’ve been hard at work over the last several months, working to support a number of key functions:
– Support reconciliation and currency conversion for stablecoins such as USDC
– Integrate Visa’s treasury systems with Anchorage, as Visa’s digital asset settlement agent
– Support a new Visa settlement report that includes settlement obligations along with public blockchain addresses for account management of crypto wallets and issuers.