Major payments card company Visa today declared that it is joining hands with the U.S. Dollar Coin (USDC). The payment giant is connecting its payments network of 60 million merchants to the U.S. Dollar Coin (USDC) developed by Circle Internet Financial on the ethereum blockchain. The USDC is now estimated at $2.9 billion.
Visa partners with Circle’s USDC
According to Forbes, Circle will go with preferred Visa credit card issuers to blend USDC software into their platforms to transfer and get USDC payments. While Visa itself won’t keep any USDC, Circle will be operating with Visa to promote particular Visa credit card issuers to combine the USDC software into their platforms and send and receive USDC payments.
Ultimately, Visa will back the issuance of a credit card that allows companies to send and receive USDC payments undeviatingly from any business using the card. Visa head of crypto Cuy Sheffield confirmed the news on Twitter. The companies will design a business card that would allow users to pay USDC at vendors who allow Visa cards. Visa possesses a market cap of USD 462bn related to USD Coin’s USD 2.9bn.
Sheffield was quoted as saying:
This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients.