Visa Advances Stable coin Based Global Payments with 24/7 USDC Funding

Global payment network Visa has taken another step forward in the use of cryptocurrencies and stablecoins for global payments and international transactions.

The company has announced the launch of a service that enables businesses to fund commercial transactions using USDC, a US dollar-pegged stablecoin, 24 hours a day, throughout the year.

Visa has partnered with payment infrastructure provider Inyo Global to make international payment processing faster and easier through the use of this digital currency, developed by Circle.

Following the successful completion of a pilot of the system last year, the service has now been officially integrated into the commercial platform.

How It Works and the Benefits of Transactions

Under the new system, eligible businesses will be able to make international payments, or payouts, directly in USDC through Inyo's extensive payment infrastructure.

Inyo's network currently provides domestic and international payment services in more than 180 countries worldwide. Under the traditional pre-funding model, businesses must deposit money into designated accounts before transactions can be processed, making cross-border payments a time-consuming process.

Visa's new service, however, will enable businesses to arrange funding in minimal time, or almost in real time. The time required for the final payment to reach the recipient will still depend on the characteristics and payment methods of the relevant market.

The Growing Adoption of Crypto Payments

Transactions involving digital currencies and cryptocurrency cards are growing rapidly worldwide. Previously, crypto platform MEXC also announced plans to launch a Visa-powered global card.

Technology and economic analysts believe the growing adoption of blockchain technology and stablecoins is driving a major transformation in traditional banking and global commercial payment systems.

//DBTech/BMT/OR//