Visa to Accept Stablecoin in Settling Transactions

Visa is set to allow using a cryptocurrency in settling transactions through its payment network, Reuters first reported.

The process is starting with the U.S. Dollar (USD) Coin, known as the stable coin, through a pilot program in cooperation with the platform Crypto dot com, with plans for expansion with other platforms.

It is worth noting that USD Coin (USDC) is a digital stablecoin linked to the exchange rate of the American currency, without being issued by the Federal Reserve, the U.S. central bank.

A number of financial statements have recently shown tolerance towards accepting cryptocurrencies, especially with the increase in institutional demand for Bitcoin.