Visa has announced a new product that will enable stablecoin payments in six Latin American countries, including Mexico and Argentina. This initiative is aimed at integrating cryptocurrencies into everyday financial operations.
About Visa's New Product
Visa has introduced a solution that will allow stablecoin payments in six Latin American countries, including Colombia, Ecuador, Peru, and Chile. The system was developed in collaboration with the startup Bridge. For example, a freelancer in Colombia will be able to receive payments in stablecoins from the US and make purchases using a Visa card.
Benefits of Stablecoins
Stablecoins are assets whose value is tied to fiat currencies, such as the US dollar. They are gaining popularity due to their ease of transfer and stabilization against economic volatility, which is especially important for users in Latin America.
Partnership with Bridge
Visa's partner in this initiative is Bridge, a startup founded by former Coinbase employees. Bridge was acquired by Stripe for $1.1 billion in 2023 and is focused on creating stablecoin-based financial services. The initial phase of the system will utilize the USDC stablecoin supported by Circle and Coinbase, with the potential to add other stablecoins in the future.
The launch of Visa's new product represents a significant step toward integrating cryptocurrencies into the traditional financial system, enhancing opportunities for users in Latin America.
