Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty ImagesIn a significant move that could reshape cross-border transactions, Visa, the global payment powerhouse based in San Francisco, has taken a giant stride by integrating Circle's USDC stablecoin with the high-speed Solana blockchain, marking Visa as one of the pioneering financial institutions to leverage Solana for large-scale settlements.Visa's commitment to enhancing cross-border payments has been propelled by integrating Circle's USDC stablecoin with the Solana blockchain, renowned for its swift performance. This strategic move underscores Visa's dedication to adopting cutting-edge technology to provide modern and efficient solutions for its clients. However, Visa's innovation continues beyond integrating USDC and Solana. Further demonstrating its commitment to innovation, Visa ran a successful pilot program with Crypto.com, utilising Ethereum's blockchain to settle cross-border payments made with Crypto.com Visa cards.However, when settling cross-border transactions conducted through Crypto.com Visa cards, the process involved time-consuming multiday currency conversions and the accumulation of wire transfer fees. By harnessing the capabilities of USDC, Solana, and Ethereum, Visa is paving the way for a new era of cross-border payments characterised by speed, efficiency, and alignment with the demands of modern businesses.

Source: Forbes September 07, 2023 21:27 UTC