
Visa has launched a new pilot program that uses stablecoins to make cross-border payments faster.
The technology works on Visa’s existing Visa Direct platform. It enables companies to send payments directly to a digital wallet that supports stablecoins. Stablecoins are a form of digital currency that is pegged to a traditional asset, like the US dollar. This link prevents the wild price changes seen with other cryptocurrencies, making them stable for everyday use.
A key advantage of Visa’s stablecoin is speed. Transactions can be completed at any time, bypassing the delays associated with traditional banking systems and international wire transfers. “Recipients can get their money in a dollar-based stablecoin, which changes the speed and ease of global payments,” the company stated.
The pilot program is currently available to a small group of partners, with plans for a broader rollout in 2026. To use the service, recipients must have a compatible digital wallet and pass standard identity verification checks.
Beyond money transfers, stablecoins are also being used for lending. Visa executive Cuy Sheffield noted that over $670 billion in loans have been issued automatically using stablecoins on various blockchain networks, connecting lenders and borrowers across different countries.
This article, Visa tests stablecoins to speed up international money transfers, was originally published at NoypiGeeks | Philippines Technology News, Reviews and How to's.
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