Special Edition: Visa to settle transactions with USDC on Ethereum blockchain
|Kurt Grela||Mar 30|
1/6 Major USDC news today - 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.
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!
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.
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!
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.
6/6 Huge congrats to and the team at 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!
A milestone today as we announce the first transactions settled w/ USDC. Visa already moves billions of $$ across 200 markets in 160 currencies; now we can do so in any currency form factor. Here's a sample settlement file with our digital currency capabilities:
What is settlement? You can think of a Visa transaction in two parts (I'm simplifying): "authorization" where you tap your card at a coffee shop regardless of currency, country or time-zone and your payment is instantly accepted. You walk out with a latte
"settlement" is how funds move from your bank (actually the bank that funded the coffee) to the merchant (who served the coffee). There are >100B transactions that Visa reconciles every year; now some of those reconciliations will move from bank wires to the Ethereum blockchain
Amazing to see ETH addresses on Visa settlement reports as we integrate public blockchains into our core settlement infrastructure
Terry Angelos @terryangelosA milestone @visa today as we announce the first transactions settled w/ USDC. Visa already moves billions of $$ 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
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.
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.
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.
We’re excited to share news of a historic moment: Crypto.com & successfully conducted the first settlement of transactions using USDC! A huge milestone for the industry as crypto and fiat networks begin to converge.
Today, announced a major industry first: the use of USD Coin (USDC) to settle a transaction with Visa over the public : vi.sa/3cvMyQU
So are using the ETH blockchain to settle payments. Looking forward to paying $3 for coffee + $900 gas fee and waiting 45 mins.
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