Visa, an onchain analytics dashboard showcase how fiat-backed stablecoins move via public blockchains globally, is excited to introduce $USDC stablecoin settlement services into the U.S. Banking system. The hidden purpose behind this integration is to enable a faster blockchain-based settlement system using the Solana blockchain.
U.S. Banks can freely use Circle’s $USDC on Solana purely for transaction settlement purposes. Moreover, these services will also be prolonged to Cross River and Lead Bank among the first participants. In the history of Visa, this is Visa’s first full U.S. deployment of stablecoin settlement that brings much innovation and advancement in transaction matters. CoinRank has released this news through its official X account.
Visa’s USDC Settlement Push Strengthens Solana and Advances Arc Blockchain Vision
This wonderful move by Visa will definitely provide support for the future rollout of Arc, a blockchain startup by Visa and Circle. Furthermore, Visa clearly mentioned in the report the exact figure of annualized stablecoin settlement volume, which is $3.5 billion. This initiative also helps to boost the interest of users in Solana’s growing role in the market.
The world is modernizing day by day and unfolding new and secure ways for crypto asset transfer without any scams or hacks. This innovative step opens a gateway for users to get an advantage and provides ease for users in multiple transactions, error-free.
At this, Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships, Visa said, “Financial institutions are looking for faster, programmable settlement options that integrate seamlessly with their existing treasury operations. By bringing USDC settlement to the U.S., Visa is delivering a reliable, bank-ready capability that improves treasury efficiency while maintaining the security, compliance, and resiliency standards our network requires.”
Visa Strengthens Treasury Operations with U.S. Stablecoin Settlement Expansion
The addition of stablecoin settlement in the U.S. resumes building on years of Visa’s active stablecoin settlement pilots across the globe, such as in several countries within LAC, Europe, AP, and CEMEA. Basically, Visa announced this support system for many blockchains and stablecoins in its stablecoin settlement pilot.
Moreover, Jackie Reses, CEO, Lead Bank, gave his views on it. He said, “This capability brings speed and precision to treasury operations and helps us deliver modern financial services to the communities we serve.”
Source: https://blockchainreporter.net/visa-introduces-stablecoin-settlement-services-in-u-s-banking-system/
