The global financial services giant, Visa, will use the USD Coin (USDC) to trade on the Ethereum network.


Visa will become the first major payment network to use a stablecoin as a processing currency. Working with the popular exchange, the San Francisco-based giant will offer a cryptocurrency trading system for fiat transactions based on Ethereum blockchain.


According to its announcement, Visa has joined forces with to implement its first non-fiat program.


The company’s formal handling process requires trading parties to trade in a “traditional” fiat currency. This “adds cost and complexity to businesses created with digital currencies”.


As a result, Visa will provide USDC transaction processing to help cryptocurrency companies “evaluate fundamentally new business models without the need to use traditional fiats in their financial and regulatory flows.”


Essentially, the first implementation of these plans will allow (and other cryptocurrency companies in the future) to send USDC to Visa’s Ethereum address to process transactions using a Visa card. This will be possible by connecting the necessary Visa infrastructure to the Anchorage platform.


The announcement also notes that the financial services giant will be able to “directly support new central bank digital currencies (CBDCs) as they appear in the future”.


The announcement marks an important milestone in our ability to meet the needs of fintech to manage their business in stablecoin or cryptocurrency and this is truly an extension of what we do every day, facilitating secure payments in all different currencies across the world. people.” – said Jack Forestell – Executive Vice President and CEO of Visa.


Previously, allowed customers based in Canada to apply for Visa cards. The two parties strengthened their relationship earlier this month, when the exchange joined Visa’s network by expanding its cryptocurrency debit card program.


The announcement had a direct positive effect on the price of ETH. The cryptocurrency rose above $1.750 shortly after the announcement.