The fintech startup Tala, in partnership with Visa, will offer customers the ability to use the USD Coin (USDC) stablecoin to pay for goods and services.
Tala is thrilled to team up with @Visa, @circlepay and the @StellarOrg to bring cryptocurrency solutions to the underbanked. Together, we’ll explore opportunities to make it easier for consumers to convert, store, and use USDC. https://t.co/5u290hyduO
— Tala (@talamobile) May 5, 2021
Additional partners for the initiative were the blockchain company Circle and the non-profit Stellar Development Foundation. As a result, Tala customers will be able to store USDC in their digital wallets.
With Visa’s involvement, the startup will be able to issue cards linked to accounts in the app. Users will be able to spend the stablecoins from their balance at any of the 70 million merchant and service locations that accept Visa.
According to the press release, the offering is aimed at developing markets. Tala serves over 6 million customers in countries such as Mexico, the Philippines, Kenya and India.
In December 2020 Visa connected its global network to USDC. The company pledged to issue a card enabling merchants to accept the stablecoin as a means of payment.
In March 2021 Visa and the cryptocurrency service Crypto.com launched a pilot program to integrate settlements in USDC.