Special Edition: Visa to settle transactions with USDC on Ethereum blockchain

Mar 30

10.

Visa now settles payments in USDC stablecoin on Ethereum blockchain (via @Yogita_Khatri5)

Visa now settles payments in USDC stablecoin on Ethereum blockchainVisa now settles payments in the USDC stablecoin on the Ethereum blockchain. Visa’s settlement agent for the USDC capability is Anchorage.theblockcrypto.com

9.

Jeremy Allaire @jerallaire

1/6 Major USDC news today - @Visa has become the first major payments network to support USDC as a native currency and settlement system on its network. This is massive news, and marks a major turning point in mainstream adoption of crypto.

Visa Becomes First Major Payments Network to Settle Transactions in USD Coin (USDC)Visa (NYSE: V) today announced a major industry first in bridging the worlds of digital and traditional fiat currencies: the use of USD Coin (USDC), abusinesswire.com

Jeremy Allaire @jerallaire

2/6 With USDC being the fastest growing dollar digital currency in the world, connecting its use to existing global networks will accelerate its adoption as both a store of value and medium of exchange. Crypto dollars FTW!

Circle | USD Coin (USDC) StablecoinThe world’s leading digital dollar stablecoin.circle.com

Jeremy Allaire @jerallaire

3/6 What does this really mean? A customer who has USDC in a wallet, and a card attached to their wallet (there are now dozens of these) can spend at any Visa accepting merchant, and the USDC is used to settle the transaction with Visa instead of the legacy banking system.

Jeremy Allaire @jerallaire

4/6 For Visa, this means they get the money as fast as a blockchain moves funds, without reversal risk, without the time delays and costs of SWIFT, ACH, etc. Huge!

Jeremy Allaire @jerallaire

5/6 This is "Over-the-Top" (OTT) money, and a major step in our mission to build a new global economic system on a more open, global, safe and inclusive foundation built on crypto and blockchain tech.

Jeremy Allaire @jerallaire

6/6 Huge congrats to @cuysheffield and the team at @Visa for really putting your money where your mouth is and embracing the future, we welcome you with open arms in the movement towards an open internet of value!

8.

Terry Angelos @terryangelos

A milestone @Visa today as we announce the first transactions settled w/ USDC. Visa already moves billions of $$ across 200 markets in 160 currencies; now we can do so in any currency form factor. Here's a sample settlement file with our digital currency capabilities:

Terry Angelos @terryangelos

What is settlement? You can think of a Visa transaction in two parts (I'm simplifying): "authorization" where you tap your card at a coffee shop regardless of currency, country or time-zone and your payment is instantly accepted. You walk out with a latte

Terry Angelos @terryangelos

"settlement" is how funds move from your bank (actually the bank that funded the coffee) to the merchant (who served the coffee). There are >100B transactions that Visa reconciles every year; now some of those reconciliations will move from bank wires to the Ethereum blockchain

7.

Cuy Sheffield @cuysheffield

Amazing to see ETH addresses on Visa settlement reports as we integrate public blockchains into our core settlement infrastructure

Terry Angelos @terryangelos

A milestone @visa today as we announce the first transactions settled w/ USDC. Visa already moves billions of $$ across 200 markets in 160 currencies; now we can do so in any currency form factor. Here's a sample settlement file with our digital currency capabilities: https://t.co/PtluZMvcjf

6.

Terry Angelos @terryangelos

And here's a great write-up about how we build this capability, why we chose USDC as the initial test case and how we think this can expand to Central Bank Digital Currencies.

Digital currency comes to Visa’s settlement platformusa.visa.com

5.

Pomp 🌪 @APompliano

BREAKING: Visa has become the first major payment network to incorporate a digital dollar (USDC) into their network and settle transactions in the new system, rather than the old banking system. Eventually every payment network will do this.

4.

RYAN SΞAN ADAMS - rsa.eth 🏴 @RyanSAdams

Visa just announced they're using Ethereum as a settlement layer. Ethereum. ETHEREUM. Visa will be paying ETH holders to use the network. Lol this is so bullish for ETH and this market is still too dumb to understand it. ETH under $2000 is hilarious.

3.

Crypto.com @cryptocom

We’re excited to share news of a historic moment: Crypto.com & @Visa successfully conducted the first settlement of transactions using USDC! A huge milestone for the industry as crypto and fiat networks begin to converge.

Exclusive: Visa moves to allow payment settlements using cryptocurrencyVisa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.reuters.com

2.

Reuters @Reuters

Exclusive: Visa moves to allow payment settlements using cryptocurrency reut.rs/2PjEudb

1.

VisaNews @VisaNews

Today, @Visa announced a major industry first: the use of USD Coin (USDC) to settle a transaction with Visa over the @ethereum public #blockchain: vi.sa/3cvMyQU

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Tyler @TylerDurden

So @Visa are using the ETH blockchain to settle payments. Looking forward to paying $3 for coffee + $900 gas fee and waiting 45 mins.

Joe Weisenthal @TheStalwart

I strongly believe this will go nowhere, and I'd like to make a bet on this with someone.

Joseph Young @iamjosephyoung

"Visa is piloting transaction settlement in stablecoins on the ethereum blockchain." - Forbes https://t.co/UvBFQLZv2Y

Disclaimer: https://www.101blockchainst.com/pages/disclaimer

Special Edition: Visa to settle transactions with USDC on Ethereum blockchain

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