Visa aims to create “muscle memory” surrounding settlements and allow customers to exchange digital assets for fiat currencies on its platform, as stated by Cuy Sheffield, head of the crypto division. During a panel discussion at the StarkWare Sessions 2023 conference, Sheffield mentioned that Visa is currently testing the acceptance of settlement payments from issuers in USDC on Ethereum and executing payouts in USDC on Ethereum, particularly for large-value settlements. He highlighted that Visa is focusing its investments on global settlements involving both digital assets and fiat currencies. He emphasized, “That’s been one of the areas where we want to build muscle memory. Just like we can convert between dollars and euros in a cross-border transaction, we ought to be able to convert between tokenized digital dollars and conventional dollars.”
Despite examining ways to incorporate blockchain technology into its infrastructure for more efficient money transfers, settlements still predominantly take place through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, according to Sheffield. The payment giant has been trialing stablecoins for settlement payments, as the SWIFT network’s limitations restrict the frequency of its money movement. Former CEO Al Kelly briefly outlined Visa’s strategy regarding central bank digital currencies (CBDCs) and private stablecoins at the annual shareholder meeting, asserting that “stablecoins and central bank digital currencies could play a significant role in the payments landscape, and we have several initiatives in progress.”
Sheffield reaffirmed the company’s commitment to blockchain technology and digital assets. He stated, “We’re considering how to transfer some of the value that Visa supports with current banking systems into a new framework built on blockchain rails, utilizing stablecoins. We believe there are enormous possibilities in that domain, and it continues to evolve.”
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