Visa to launch Stablecoin payments based on Solana blockchain

Pilot testing showed increased throughput and low commissions

Payment company Visa has updated the list of services and added the ability to make payments in “stable coins” based on the Solana blockchain. Such payments are currently being tested, this innovation aims to expand the capabilities of traditional payment instruments, The Block writes.

Pilot testing has shown improved throughput and low fees. Visa had previously bought Worldpay and Nuvei to introduce such payments, the publication said.

“By utilizing stablecoins, particularly USDC, and global blockchain networks such as Solana and Ethereum, we will be able to increase the speed of cross-border payments and provide our customers with a modern way to easily send or receive funds from Visa’s treasury,” said Kai Sheffield, head of cryptocurrency at Visa.

In August, Visa tested the payment of cryptocurrency commissions in the Ethereum network by bank cards. If the technology takes root, the use of the Ethereum network may become more accessible and comfortable for a wider range of users, the company believes.