- Visas is partnering with the center to connect its 60 million payment networks to this service.
More than 20 wallet providers have registered for Visa’s Fast Track program, which set the stage for the USDC.
The stable USDC coin is issued on the Ethereum block chain and can be stored in unhosted wallets.
Major card payment service Visa announced its partnership with CENTER to offer USDC-linked payments. The company plans to link its payment network of 60 million merchants worldwide to USDT-Stablecoin.
Stablecoin was developed by Visa’s partner company Center, a consortium formed by Coinbase and Circle. According to analysts, this step could significantly lower the entry barrier for the use of stablecoin.
The USDT can be easily stored in unaccommodated wallets and is distributed on the public Ethereum block chain.
Users will be able to send and receive USDC payments after the launch.
The report indicates that Visa will soon issue credit cards that will allow users to send and receive USDC payments directly with their credit cards. However, the company pointed out that only Circle will be able to complete Visa’s Fast Track program next year.
Visa’s head of cryptology, Cuy Sheffield, has commented on the development on Twitter. He said if the card is accepted, it will be the first to enable transactions via USDC balances.
We have followed the growth of stablecoins closely over the last two years and I am very pleased that Visa is partnering with @circlepay to connect USDC to our global network. https://t.co/pZ0iLanRjD– Cuy Sheffield (@cuysheffield) December 2, 2020
“This will be the first corporate card that allows companies to spend a balance of USDC,” he said.
The partnership allows card issuers to integrate USDC software.
Although Visa will not be a custodian of USDC, the agreement means that Circle will partner with Visa to enable card issuers to integrate USDC software into their platforms.
Circle spokesperson Josh Hawkins also commented on the development via email, saying that both companies are considering a possible launch by next year.
The companies will develop a corporate card that would enable cardholders to spend USDT at merchants and vendors that display the Visa logo. According to the announcement, all merchants that accept Visa cards will also accept USDC transactions when the project is launched next year.
One of the rules of the card payment company in the United States is that cards should be issued by banks, which means that Circle will have to work with banks to launch the product. However, the rules in other countries allow non-banks to issue Visa cards. Hawkings did not disclose further details of the agreement.
More than 20 wallet issuers have already signed up for the card issuer’s Fast Track plan, which has set the stage for the car maker’s USDC project.