Visa joins forces with to enable fiat transaction settlement on Ethereum

Payments giant Visa has become the first major payments network to settle Ethereum transactions in USD Coin, a stablecoin backed by the US dollar.

To make this possible, Visa is partnering with crypto platform

Visa’s process requires partners to settle in fiat currency, which adds fees and complexity for businesses working in digital currencies. The move allows the credit card issuer to enable its partners like to exchange USD Coin (USDC) through its payments network.

To facilitate this process, Visa is working with a federally-chartered crypto bank Anchorage as a digital currency settlement partner.

technology partnership

Jack Forestell, executive vice president and chief product officer, Visa, commented:

Jack Forestell, Visa

Jack Forestell

Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency, and it’s really an extension of what we do every day, securely facilitating payments in all different currencies all across the world.

Kris Marszalek, Co-founder and CEO of said:

Kris Marszalek,

Kris Marszalek
Source: LinkedIn

We’ve seen record-breaking growth in our business and the broader crypto ecosystem over the last year. To continue accelerating the world’s transition to cryptocurrency, we need partners who understand the opportunity and the tools that will help us get to market faster and more efficiently. Having been a Visa partner for several years, we’re excited to deepen that relationship through our global agreement and to pioneer an exciting world-first in stablecoin payments.

Read More:

Read Also: