According to cointelegraph, Visa has teamed up with blockchain services company Circle to make USD Coin (USDC) stablecoin transactions compatible with certain credit cards.
According to a Forbes article on Wednesday, “After Circle itself graduates from Visa’s Fast Track program, likely sometime next year, Visa will issue a credit card that lets businesses send and receive USDC payments directly from any business using the card.”
Visa’s head of crypto, Cuy Sheffield, told Forbes:
“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC.”
Forbes noted that the twenty-five wallet providers have jumped on the card provider’s Fast Track plan in the past few years, setting the stage for Visa’s USDC move.
“We continue to think of Visa as a network of networks […] Blockchain networks and stable coins, like USDC are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
Crypto adoption has risen greatly in 2020, from PayPal launching digital assets on its platform to large Bitcoin purchases by large mainstream financial players.
Beginning of this year, Coinbase gained payment card issuing capabilities through joining Visa’s principal member list.