Some Visa credit cards will soon support cryptocurrency transactions

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• Some Visa credit cards will soon support cryptocurrency transactions

In an exciting development for cryptocurrency fans, financial giant Visa has announced that it will support the US Dollar Coin (USDC) developed by Circle Internet Financial. USDC is the fastest growing total reserve stablecoin in the world and is based on the Ethereum blockchain. Forbes reports that the partnership will see Circle and Visa work together to help some Visa credit card issuers integrate USDC software into their platforms, allowing them to send and receive USDC payments. Circle will also go through Visa's Fast Track program, the initiative to help businesses obtain credentials to issue Visa credit cards. When Circle graduates from the program, which will likely take place next year, Visa will launch a credit card that will allow businesses to send and receive USDC payments directly. Visa already has 25 cryptocurrency wallet providers under its Fast Track program, including providers like Fold and Cred.

a stable society

It is important to note that USDC is not a cryptocurrency in the truest sense, it is a stablecoin pegged to the US dollar. Most crypto assets used in the corporate world are a tonkenized version of fiat currencies, like USDC, as opposed to floating cryptocurrencies like bitcoin. "We continue to view Visa as a network of networks," Cuy Sheffield, Visa's head of cryptocurrency, told Forbes. “Blockchain networks and stablecoins, like USDC, are just additional networks. Therefore, we believe that Visa can provide significant value to our customers by enabling them to access Visa and enable them to spend at our merchants. "More than USDC 3 billion remains in circulation, and Circle has ambitious plans to make the currency more widely accepted. Visa clearly believes that these proposals, as well as those involving other digital currencies, have a bright future in the financial world. Via Forbes