According to Reuters, Visa Inc revealed that it will now allow the use of the stable coin, USD Coin for transactions on its network. Another sign yet that the rate of adoption of digital currencies in mainstream culture is on a steady increase.
The program has been launched by Visa in collaboration with the payment and crypto platform, Crypto.com. The financial institution also revealed its plans to offer the option to its partners before the end of this year.
Like other stable coins that have been created to tokenize the US Dollar, the stable cryptocurrency, USDC is directly pegged to the U.S. currency ($).
Visa’s acceptance has come after other major financial firms like MasterCard and BlackRock have joined the ship of the fast-moving industry that is the cryptocurrency space. If anything, the increased integration of cryptocurrencies is only further indication that the industry is here to stay.
Support for cryptocurrency payment continues to increase, especially with influential icons like Twitter’s CEO, Jack Dorsey, and Elon Musk maintaining a heavy presence in the crypto space. Just last week, the unconventional entrepreneur and Founder of Tesla, announced that his company’s vehicles can now be bought with Bitcoin.
Visa Customers are Demanding for Crypto Exposure
Cuy Sheffield, head of the crypto at Visa, said the new development was bound to happen sooner than later.
Given the rate of demand for crypto transactions and the unique perks it offers like privacy and stability (in the case of stablecoins), it was only wise that Visa implemented steps and products to “meet the demand” of its customers. Cuy revealed,
We have noticed that demand from customers across the globe to access, hold on to, and use digital currencies is increasing
The new program is the first phase of the integration of digital currencies to mainstream payment platforms. It is only expected that more will follow.