Visa has announced an expansion of its platform by adding support for two new stablecoins and blockchains to improve international transactions.
Support for New Stablecoins
Visa will add support for two new USD-backed stablecoins: Global Dollar (USDG) and PayPal USD (PYUSD). This will help enhance the settlement processes using stablecoins.
Partnership with Paxos
The financial technology platform Visa has partnered with Paxos to introduce stablecoin settlement solutions. Visa's CEO, Ryan McInerney, noted that the company is already testing stablecoins on its Visa Direct platform to increase the speed and reduce the costs of international transactions.
Expansion into CEMEA and Latin America
Visa also plans to expand its stablecoin settlement capabilities in the Central and Eastern Europe, Middle East, and Africa (CEMEA) regions. Godfrey Sullivan, Visa’s senior vice president, stated that soon every financial institution will need a stablecoin strategy. The implementation of such solutions is expected to reduce settlement costs and enhance liquidity management.
Visa's expansion of stablecoin and blockchain support highlights the growing interest in digital assets and their potential to transform international transactions.
