Visa, the payments giant, has connected its global network to Circle’s USD Coin (USDC). In its plans going forward is the release of a card that would enable merchants to directly accept USDC as payment, according to Forbes.
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As part of the partnership, Circle joined the Fast Track program, aimed at fintechs seeking to accelerate growth through Visa’s resources and services. After completing it, Visa is expected to issue a credit card supporting USDC payments, presumably next year.
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Such a card will enable sending international payments in USDC, after which the funds will be converted into the recipient’s local currency and can be spent anywhere Visa serves.
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\”This will be the first corporate card that will allow businesses to spend USDC,\” said Visa’s head of cryptocurrency Kai Sheffield.
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Visa will not custody the stablecoin itself—instead, the company will connect to the USDC software of selected card issuers.
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The Fast Track program has already welcomed 25 crypto wallets, including Fold and Cred. All of them will now be able to integrate USDC.
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\”We view Visa as a network of networks. Blockchain networks and stablecoins are simply additional networks. Therefore, we believe Visa can improve the customer experience by giving them access to such tools,\” added Sheffield.
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Earlier it was reported that the payment networks Visa and Mastercard take a stricter stance toward potential card issuers if their activities involve digital assets, requiring, among other things, proof that the funds used originated from reliable sources.
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