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The Crypto Roundup: 06 September 2023 | CryptoCompare.com

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Payments giant Visa has said it’s expanding its cryptocurrency ambitions through the use of the popular USDC stablecoin on the Solana blockchain as it works with merchants to allow them to settle with USDC instead of fiat currencies.

A settlement refers to the financial sequence wherein the card-issuing institution transfers funds from the cardholder’s account via a payment gateway to the institution responsible for processing the merchant’s card transactions.

Visa is working with merchant acquirers Worldpay and Nuvei, allowing these firms to route payments in USDC to their end merchants. The payments giant enables the clearing, settlement and movement of billions of dollars a day.

In 2021, Visa started testing how it could integrate USDC into its treasury operations. It first did a pilot program with Crypto.com, an exchange that now uses USDC to meet its settlement obligations for the Visa card in Australia.

By conducting settlement payments on Solana to Worldpay and Nuvei with Visa’s Circle account, the company said it can now reduce the settlement times for its merchants.

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