Payments Giant Visa Selects Ethereum Rival Solana (SOL) for Stablecoin Settlement Expansion
Visa has announced that its expanding its stablecoin settlement capabilities with a new system based on the Solana (SOL) network.
In a new press release, Visa says that after a successful pilot involving digital asset exchange Crypto.com, it’s launching a new cross-border money system using Circle’s USDC on Solana.
Visa says that through the pilots, the firm has already moved millions of USDC between its partners on both Solana and Ethereum over VisaNet, the giant’s online payment processing system.
Cuy Sheffield, Visa’s head of crypto, says,
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury. Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.”
Visa says with Solana’s high speed, high throughput infrastructure, it became the prime candidate to meet the “significant demand” for a chain that allows its clients to send and receive stablecoins at high speeds for lower costs.
“For these reasons, Visa chose to add support for Solana as a high performance blockchain that its partners can choose to send or receive USDC settlement payments. This makes Visa one of the first major payments companies at scale to directly utilize Solana for live settlement payments between its clients. The Solana blockchain sees 400 millisecond block times, averages 400 transactions per second (TPS) and typically surges to more than 2K TPS1 across a variety of use cases during periods of peak demand.”
SOL is currently up nearly 6% since the announcement from Visa.
Reacting to the news, Solana co-founder Anatoly Yakovenko said,
“This is fantastic! Visa is the gold standard in payments. I am ecstatic to hear that Solana’s infra is ready to support Visa’s merchants and users around the world.”
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