Visa adds support for USDC Coin (USDC)

Payments giant Visa today announced it is connecting its global network of 60 million merchants to a stablecoinUSDC, which is produced by Circle.

According to Forbes, thanks to the partnership between Visa and Circle Internet Financial (hereinafter referred to as Circle), within the framework of which the USDC Coin (USDC) stablecoin, backed by the US dollar, was created, Circlewill provide Visa card issuers with sending and receiving payments to USDC.

«As a result, enterprises will be able to sendmake international payments in USDC to any Visa-supported organization, and once those funds are converted into your local currency, spend them anywhere Visa supports.

The head of Visa's cryptocurrency division Kai Sheffield commented on this event:

«This will be the first corporate cardwhich will allow businesses to spend USDC. We believe this will significantly enhance the functionality that USDC can bring to Circle's business customers.

Shortly before the article was published, Sheffield tweeted:

«We have been closely following the growth of stablecoins over the past two years, and I am thrilled that Visa will partner with @circlepay to help them connect USDC to our global network.»

We’ve been closely following the growth ofstablecoins for the past two years and I'm super excited for Visa to partner with @circlepay to help them connect USDC to our global network. https://t.co/pZ0iLanRjD

— Cuy Sheffield (@cuysheffield) December 2, 2020

The Visa Fast Track program, announced on 7 May, "allowsnew and existing companies can use the speed, security, reliability and scale of the Visa network."

It "provides turnkey access to Visa's ecosystem partners, online licensing, APIs, and extensive market entry tools, online training and expert advice to help fintech companies expand their business."

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