Visa Eyes High-Value USDC Settlement Payments on Ethereum
Visa Eyes High-Value USDC Settlement Payments on Ethereum
“The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars,” Cuy Sheffield said.
Payments giant Visa reportedly seeks to meet customer requests to convert digital assets into fiat payments, similar to how it converts foreign currencies.
“We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum,” Cuy Sheffield, head of crypto at Visa, said during the StarkWare Sessions 2023 event in Tel Aviv. “So, these are large value settlement payments.”
He noted that the effort would clone foreign currency exchange executed on the card network’s payment platform.
Global settlement with digital assets and fiat currencies is an area in which Visa wants to build “muscle memory,” Cointelegraph reported, Sunday.
“The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars,” he said.
Visa didn’t return Blockworks’ request for comment by press time.