Visa Expands Supported Stablecoins Competition
Visa has expanded its stablecoin capabilities by adding support for several new digital assets and blockchain networks. The payment company announced it now supports Global Dollar (USDG), PayPal USD (PYUSD), and Euro Coin (EURC), in addition to integrating the Stellar and Avalanche blockchains.
According to a press release, the update enables users to send and receive stablecoin payments via the supported blockchains or convert balances into traditional fiat currency.
Visa had previously supported Circle’s USD Coin (USDC), with Ethereum and Solana among the available networks for transfers and settlements. The company’s latest move reflects the growing institutional interest in stablecoins, especially after the GENIUS stablecoin bill was signed into law in the U.S. Banks, tech firms, and major retailers are increasingly signaling plans to enter the stablecoin space.
Visa is not alone in this push. A rising number of financial institutions are developing their own stablecoins or integrating stablecoin-related services. Competing payments firm Mastercard is working with crypto companies to bring crypto payments to its ecosystem and has tokenized 30% of its transactions.
Retail giants like Walmart and Amazon have also reportedly considered launching their own stablecoins to support international operations by reducing transaction fees and speeding up cross-border settlements.
Bank of America CEO Brian Moynihan has suggested the bank may introduce stablecoin capabilities in the future.
JPMorgan has already partnered with Coinbase, allowing customers to link Chase accounts to Coinbase and convert rewards points into USDC.
Mastercard representatives have previously acknowledged that stablecoins pose a direct threat to traditional payment processors. Earlier this year, Noam Hurwitz, head of engineering at Alchemy, noted that onchain stablecoin transaction volumes have already surpassed those of Visa and Mastercard, calling stablecoins the “default settlement layer” for the internet.
Sources:
https://cointelegraph.com/news/visa-expands-stablecoin-offerings-institutions