Visa Launches Stablecoin Settlement Using USDC on Solana

Visa, in conjunction with Cross River Bank and Highnote, has launched a stablecoin settlement feature using USDC on Solana for U.S. issuer and acquirer partners.

This advancement allows constant settlement, enhancing payment efficiency and influence in the financial sector, while maintaining consistent consumer experience, initially in select U.S. states.

Visa has initiated a stablecoin settlement using USDC on the Solana blockchain, involving Cross River Bank and Highnote to enhance U.S. card program efficiency.

The venture represents a critical step in blockchain adoption within financial services, potentially accelerating onchain settlements among financial institutions.

Visa Introduces USDC Settlement with Solana Technology

Visa, in partnership with Cross River Bank and Highnote, has launched a stablecoin capability aimed at facilitating USDC-based settlements. The initiative is part of a pilot targeting U.S.-based issuer and acquirer partners. The partnership establishes the Solana blockchain as the technological foundation for these transactions. It enables week-long settlements that aim to boost capital efficiency without affecting consumer experiences.

Visa’s USDC Pilot to Optimize Financial Operations

Launch of this stablecoin system by Visa could optimize capital utilization for financial institutions. This technological move targets enhancing real-time reconciliation processes within financial sectors. The pilot program, limited to certain U.S. states, aligns with regulatory guidelines, potentially influencing operational frameworks in digital finance under bank supervision.

Stablecoin Initiative Builds on $3.5 Billion USDC Pilot

Visa’s move follows previous ventures in stablecoin technology, including a USDC pilot worth $3.5 billion. Such initiatives highlight ongoing transformations within traditional financial systems. Economic analysts point to the program as an example of mainstream adoption of blockchain technology, with industry leaders recognizing its potential to streamline global financial operations.