On July 31, Cuy Sheffield, head of the Visa Cryptocurrency area, announced a series of updates to the company’s strategy focused on integrating stubcoin and cryptocurrency networks as part of its vision for digital payments.
«Today we announce a series of updates on how Visa uses Stablecoins Enabling on-chain settlements via network »Shafield said.
The first announced integration comes with Paxos, a US regulatory licensing company dedicated to issuing and storing digital assets. Sheffield reported the visa Start using USDGStablcoin published by Paxos was published within the initiative “Global Dollar Network” (Global Red for Dollars).
The global network seeks to promote the use of digital dollars around the world through stubcoins issued by US dollar-backed and regulated entities.
USDG is used as a tool Handle payments, remittances and financial activities It runs directly on the public blockchain. Additionally, I detailed it from Visa He also merged pyusdStablcoin issued by PayPal as part of this expansion strategy.
By incorporating these stubcoins, Visa allows for the possibility of directly running settlements on blockchain networks. Introducing technical alternatives to traditional banking channels.
This operational model has the potential to optimize operational efficiencies for technology companies and digital financial services platforms, allowing for a more agile and independent reward process for traditional financial infrastructures.
Circles, new networks, non-dollar expansions
Another related aspect of the statement is that through its alliance with Circle, the USDC Stablecoin Issing Company, the most used in the Cryptoactive ecosystem, will be reunited with Circle. Visa integrates two new networks.XLM) and an avalanche (avax)).
With both networks, Visa may process USDC payments directly on these networks and expand the available technology options. These blockchains have been added to Ethereum and Solana, which already exist in the visa infrastructure.
Furthermore, the visa Start solving the transaction EURStablcoin issued by Circle and supported by the Euro. This is the first asset that Visa will not be called in the dollars it uses to operate. On-chain According to Sheffield, it is within a system known as Visanet (Visa Global Payment Processing Network).
This approach from Visa aims to build a hybrid infrastructure that can handle both payments. Fíat coins like cryptoactivewithout the need to integrate experience with use.
The decision to expand the network to include a traditional economy dominated by centralized financial institutions and stubcoins and blockchains that include that of digital assets backed by decentralized protocols.
On that line, the visa appears to be located as an operating bridge between the two environments. Reduce friction between financial systems Until then, it had been functioning in parallel.
“Our vision is to represent currency and blockchain from existing fíat currencies, and enable any stove coin to be interconnected by finding where our clients are,” Sheffield closed.
These ads will be added to other Visa initiatives for using Stablecoins. As Cryptootics recently reported, this example is a recent association with Bridge, a company specializing in Stablecoins. Some Latin American countries use USDT-related cards.