The visa announced a new product that would allow consumers in six Latin American countries, including Mexico and Argentina, to use stablecoins for sunny purchases.
The new visa service is aimed at capital with this growing trend, making it easier for consumers and merchants to interact with these digital assets.
The seamless transactions with stablecoins in local currencies
Rubail Birwadker, the Senior Vice President of Visa, describes the service operation with an example of a Colombian freelance worker received payment to the US dollar. This worker can receive wages in stablecoins and then use a card with a visa-band-to-digital brand-to make purchases at local stores or online.
The appeal of this system depends on its seamless integration; Traders receive payments to their local currency right away, making the process straightforward as any other visa transaction.
Birwadker emphasized That many individuals in Latin America have adopted stablecoins as a care against economic volatility. He believes that the new visa offer will further normalize their use of sun -day -to -day transactions.
“If you can learn how to tie Stablecoin to spend on the off-ramp of visa, opening the use of the case,” he said, featuring the potential for stablecoins to enhance financial transactions.
However, this is not Visa's first adventure in the cryptocurrency space. The company, next to rival Mastercard, has previously issued it Payment infrastructure With various cryptocurrency platforms, users of spending bitcoin (BTC) and other digital currencies are enabling.
The new visa service to use USDC
The current launch stands because it is specifically focused on Stablecoins, which is designed to maintain a consistent amount. The service will also use Bridge technology, which allows for a flexible and open payment processing approach.
The bridge, founded by former coinbase employees Zach Abrams and Sean Yu, aims to simplify the integration process Stablecoins In financial applications. Stripe got for $ 1.1 billion, the bridge served as a neutral provider of APIs and technologies, facilitating the expansion of Stablecoin solutions.
By collaboration with the Bridge, the visa can expand the new payment service to a set of third parties, allowing them to develop their own consumer and merchant applications.
The initial stablecoin expected to be used in this service is USDC, which is supported by Circle and Coinbase. However, the visa and bridge plan to support additional stablecoins and various blockchain technologies in the future.
Abrams noted that this service would be very useful -especially for businesses in regions with limited Fintech infrastructure, allowing them to create Financial products Similar to popular apps such as chime or cash apps without the need for wide local financial networks.
Both companies are expected to launch the Stablecoin Payment Service in six selected Latin American countries over the next few weeks, which has marked a significant step in making cryptocurrency a viable choice for day -to -day transactions in emerging markets.
Featured image from Dall-E, chart from tradingview.com
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