Visa, the global payments giant, has broadened its stablecoin settlement capabilities by incorporating the high-performance Solana blockchain. The move comes in partnership with merchant acquirers Worldpay and Nuvei, aiming to modernize cross-border money movement and offer a stablecoin payment option for clients.
Pioneering stablecoin settlements across blockchains
The expansion to Solana is an addition to Visa’s existing capabilities on the Ethereum blockchain. Through live pilots, Visa has already transacted millions of USDC between its partners over both Solana and Ethereum networks to settle fiat-denominated payments. This initiative is part of Visa’s broader strategy to leverage stablecoins like USDC and global blockchain networks to improve the speed and efficiency of cross-border settlements.
When consumers make purchases at any of the millions of Visa-accepting merchant locations worldwide, the funds used for their purchases need to move between their bank and the merchant’s bank. This is where Visa’s treasury and settlement systems come into play, enabling the clearing, settlement, and movement of billions in transactions daily across nearly 15,000 financial institutions and more than 25 currencies globally.
Merchant acquirers Worldpay and Nuvei join the fray
Worldpay and Nuvei, global merchant acquirers serving diverse sectors, have joined Visa in this endeavor. These partnerships are expected to offer merchants more choices for receiving funds, including the option to receive payments in stablecoins like USDC. The collaboration aims to optimize cross-border transactions and diversify funding options, thereby serving the changing needs of global merchants in today’s rapidly evolving commerce landscape.
Visa’s expansion to Solana marks a significant milestone, making it one of the first major payment companies to directly utilize this high-performance blockchain for live settlement payments between its clients. Solana’s blockchain boasts 400 millisecond block times and averages 400 transactions per second, surging to more than 2,000 transactions per second during periods of peak demand.