Visa tapped the popular Ethereum rival crypto network Solana for its cross-border payment services.
Visa Inc. is an American multinational financial services corporation headquartered in San Francisco, California. This company facilitates electronic money transactions globally most commonly through Visa-branded credit cards, debit cards, and prepaid cards. To remain in competition at the top level, this company also jumped into the crypto & blockchain sector.
On 5 Sep 2023, Visa announced that it would use the Solana blockchain network to process USDC stablecoin payments in its global payment services.
As per the plan, Visa will give options for merchants globally to choose payment in USDC stablecoin instead of fiat currencies. And if the merchants choose the USDC option then Visa will provide transactions of the whole funds in USDC stablecoin via the Solana network.
As per a report by the Solana team, the Visa devs conducted several tests to figure out the efficiency & potential of USDC payment settlement via the Solana network and found that using Solana to process cross-border payments costs nearly nothing.
Earlier this, Visa conducted a USDC stablecoin transaction experiment on the Ethereum blockchain network with the help of CryptoCom exchange in 2021.
Following this news, the trade price of Solana coin (Sol) surged by nearly 6%. The current trade price of Sol coin is $20.24 & this trade price is 5.76% high over the last 24 hours trade price.
It is worth it to note that PayPal Stablecoin (PYUSD), launched in the last month, was initially planned to launch on the Solana blockchain network in collaboration with now-bankrupt crypto exchange FTX.
As per reports, PayPal leaders decided to adopt Ethereum instead of Solana, to maintain the company’s reputation, as FTX’s sister firm Alameda Research was the top Investor in the Solana project.
Read also: Ripple executive says XRP will replace global reserve currency US dollar