From PC Mag: Visa is embracing cryptocurrency by inviting customers to settle transactions with USD Coin (USDC) over the Ethereum blockchain.
In partnership with federally chartered digital asset bank Anchorage, Visa has launched a pilot program that allows Crypto.com to send USDC, a regulated stablecoin backed by the US dollar, as payment.
Settlement, according to a Visa blog post, is the "unsung hero of the payment lifecycle." For most people, settling up is as easy as tapping your card and having your payment accepted. But behind the scenes, the settlement process ensures that, at the end of the day, those charges are totaled, converted into the appropriate currency, and sent to the right merchant bank.
This system has served the traditional financial sector for decades, but we've entered a new era of fintechs and neo-banks, cryptocurrency and blockchains. And Visa wants to help bridge the gap between crypto-native companies and digital currency.
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