Victor Ugochukwu · Dec 14, 2020 . 5min read
Visa and Circle partner for USDC stablecoin expansion
Effective immediately, Circle will now work with Visa to help select Visa credit card issuers to start integrating the USDC software into their platforms.
By Victor Ugochukwu · Dec 4, 2020 . 5min read
Payment giant Visa announces that its integrating Circle’s USDC into its vast network of over 60 million merchants giving stablecoins a further boost amidst a bubbling year.
According to a recent publication, effective immediately, Circle will now work with Visa to help select Visa credit card issuers to start integrating the USDC software into their platforms. Consequently, sending and receiving USDC payments on their product will become incredibly easier.
Visa currently runs a Fast Track Program which Circle is currently enrolled in. Asides Circle, 25 other cryptocurrency companies, including Fold and Cred, are a part of Visa’s Fast Track Program. Businesses can send and receive USDC payments directly from other businesses using the card. This must, however, be after graduating from Visa’s Fast Track Program.
Speaking on this partnership, Cuy Sheffield, Visa’s head of crypto commented by saying
“This will be the first corporate card that will allow businesses to be able to spend a balance of USDC,… Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
Visa had issued a membership certificate to Coinbase as the first cryptocurrency entity to complete the Visa’ Fast Track program in February. Consequently, Coinbase was able to issue its own crypto debit cards powered by Visa.
Visa had set the ball rolling for Circle partnership and others when it reviewed and openly embraced cryptocurrencies in July.
Recall that In July, Visa announced it would be embracing cryptocurrencies as a new approach to broaden its network. This was an antithesis to the 2018 clampdown it staged on entities transacting in cryptocurrencies.
On the other hand, USDC will be getting more attention, judging the growing need for stablecoins. There’s been an increasing global need for stablecoins in settlement and payment. Stablecoins, especially USDC, has experienced nothing short of a Cambrian explosion this year. Circle launched USDC in 2018 which has since grown to $2.9 billion valuations. Its adoption across DeFi protocols have been equally phenomenal. USDC even surpassed USDT doubling in growth rate since August.
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