Visa targets stablecoin liquidations
The payment processor is making important investments to allow its clientele facilities in investments in stablecoins
Visa is investing in the global settlement of digital assets and fiat currencies, with the goal of allowing its clients to convert digital assets into fiat currencies on its platform.
The head of the company’s cryptocurrency division, Cuy Sheffield, noted that liquidation is one of the areas in which the company wants to build muscle memory.
Sheffield explained that Visa is experimenting with accepting stablecoin settlement payments and has been exploring how to incorporate blockchain technology into its existing network to move money faster.
However, settlements are currently carried out at SWIFT, a not-for-profit cooperative society that facilitates the secure and standardized communication of transactions between its members. Sheffield claimed that the limitation of this network has led Visa to experiment with accepting settlement payments with stablecoins.
At Visa’s annual shareholder meeting, former CEO Al Kelly shared the company’s plans for central bank digital currencies (CBDCs) and private stablecoins.
Sheffield also confirmed the company’s vision on blockchain technology and digital assets, stating that the company is considering how to participate in rebuilding known banking lanes into blockchain lanes, using stablecoins.
(Reference image source: file)
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