Best Crypto to Buy Now September 5 – Maker, NEO, Polygon
Visa announced on Tuesday that it plans to use the Solana blockchain for settling transactions with USDC, a major stablecoin.
The financial company stated that this decision could speed up cross-border payments and offer an updated method for transferring funds.
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The Visa announcement focused on USDC, the second-largest stablecoin in the market. According to the company, utilizing the Solana network for USDC transactions could offer significant benefits, such as faster and more cost-effective cross-border settlements.
The move follows Visa's ongoing work with USDC since 2021, aimed at streamlining currency conversion in international payments.
After the announcement, Solana’s native token SOL experienced a bump in price. Data from TradingView reveals a 4.10% increase so far today as it currently trades at $20.32.
This shift came in contrast to leading cryptocurrencies Bitcoin and Ether, which remained relatively stable, trading at $25,733.25 and $1,631.06, respectively.
Visa’s move comes on the heels of PayPal’s introduction of its own stablecoin, PayPal USD, aimed at reducing friction in online payments.
Research firm Bernstein has estimated the stablecoin market to reach nearly $3 trillion within the next five years. They anticipate that major global platforms will issue their own stablecoins to facilitate transactions.
Given these projections, the integration of stablecoins like USDC into mainstream financial systems appears to be a growing trend. The developments with Visa and Solana may hold implications for the broader cryptocurrency market.
As stablecoins gain increased importance, their role in shaping the future of digital payments
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