Payments Giant Visa Selects Ethereum Rival Solana (SOL) for Stablecoin Settlement Expansion

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Visa has introduced that its increasing its stablecoin settlement capabilities with a brand new system based mostly on the Solana (SOL) community.

In a brand new press launch, Visa says that after a profitable pilot involving digital asset trade Crypto.com, it’s launching a brand new cross-border cash system utilizing Circle’s USDC on Solana.

Visa says that by means of the pilots, the agency has already moved tens of millions of USDC between its companions on each Solana and Ethereum over VisaNet, the enormous’s on-line cost processing system.

Cuy Sheffield, Visa’s head of crypto, says,

“By leveraging stablecoins like USDC and international blockchain networks like Solana and Ethereum, we’re serving to to enhance the velocity of cross-border settlement and offering a contemporary possibility for our shoppers to simply ship or obtain funds from Visa’s treasury. Visa is dedicated to being on the forefront of digital forex and blockchain innovation and leveraging these new applied sciences to assist enhance the best way we transfer cash.”

Visa says with Solana’s excessive velocity, excessive throughput infrastructure, it turned the prime candidate to satisfy the “vital demand” for a sequence that enables its shoppers to ship and obtain stablecoins at excessive speeds for decrease prices.

“For these causes, Visa selected so as to add assist for Solana as a excessive efficiency blockchain that its companions can select to ship or obtain USDC settlement funds. This makes Visa one of many first main funds corporations at scale to instantly make the most of Solana for stay settlement funds between its shoppers. The Solana blockchain sees 400 millisecond block instances, averages 400 transactions per second (TPS) and sometimes surges to greater than 2K TPS1 throughout quite a lot of use instances during times of peak demand.”

SOL is at the moment up almost 6% because the announcement from Visa.

Reacting to the information, Solana co-founder Anatoly Yakovenko stated,

“That is unbelievable! Visa is the gold commonplace in funds. I’m ecstatic to listen to that Solana’s infra is able to assist Visa’s retailers and customers all over the world.”

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