Visa already announced its crypto payment system in the late March of 2021. And the intended declaration managed to come into effect from April 30th.
Its press release almost coincided with MasterCard’s announcement on crypto. Not to mention, even MasterCard is planning to facilitate crypto transactions.
The company allows direct payment using USD Coin. However, the facility is yet to cover almost everybody to prefer Visa for the international payment. It’s a less-known crypto for the world outside the USA.
However, the crypto stands somewhat different from the current cryptos like BTC or ETH. In fact, USD Coin is a stable asset to tie with the US dollar. As it happens, 1 USD Coin marks $1 on the market.
Visa has collaborated with crypto.com to operate a crypto-asset debit card system. Crypto.com itself regulates digital currency trading whereas Visa has to make the conversion.
And the process remains complex, expensive, time-consuming & risky to some extent.
Visa proposed a direct settlement of digital currency using blockchain technology. It partnered with Anchorage, the first digital asset bank to register in the federal charter.
The implementation took almost 2 years to upgrade the existing infrastructure. Visa introduced USD Coin to the market as its preferred stablecoin.
Pegging the value to the US dollar, the ETH-powered asset holds good stability in market price. It was something new in the world of decentralized and unregulated cryptocurrency.
Unlike the major assets like BTC, ETH, or DOGE, USD Coin features well-defined regulatory protocols. And it initiates more financial confidence in comparison to standard cryptos.
However, Visa intends to push the crypto-based transaction forward with further implementations. It explicitly plans to add more USD Coins to the settlement platform.
Also, the company checks on CBDC (Central Bank Digital Currencies) upon availability. The system will allow the citizens to utilize crypto issued by the Central Bank.
Standard cryptos are getting mainstream attention with absolute irregularity in value. And the current market manages to surpass a mind-blowing $2.2Tn mark.
But experts are predicting new possibilities for stablecoins like USD Coin. It’s likely to change the course of current methods of trading. And stable market value should promote its quick market adaption for direct applications.