Visa (NYSE: V), a global leader in payments, has taken a significant step forward in modernizing cross-border money movement by expanding its stablecoin settlement capabilities to the Solana blockchain. The company is collaborating with major merchant acquirers Worldpay and Nuvei to streamline transactions using USDC (USD Coin).
How Visa’s Stablecoin Settlement Works
Through live pilots with issuers and acquirers, Visa has successfully moved millions of USDC between partners via the Solana and Ethereum blockchains to settle fiat-denominated payments authorized over VisaNet.
When a consumer uses a Visa card for a purchase, the payment authorization is nearly instant. However, behind the scenes, funds must move between the issuer bank (consumer’s bank) and the acquirer bank (merchant’s bank). Visa’s treasury and settlement systems facilitate this process, handling billions in daily transactions across 15,000+ financial institutions and 25+ currencies.
"By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we're improving cross-border settlement speed and offering clients a modern way to send/receive funds."
— Cuy Sheffield, Head of Crypto, Visa
Key Benefits of Visa’s Stablecoin Settlement
- Faster cross-border transactions
- Reduced reliance on traditional wire transfers
- Lower transaction costs
- Enhanced transparency via blockchain
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Evolution of Visa’s Stablecoin Initiatives
Crypto.com Pilot (2021)
Visa initially tested USDC settlement in partnership with Crypto.com, becoming one of the first major payment networks to adopt stablecoin settlements for card issuers.
- Challenge: Traditional settlement involved slow currency conversion and costly wire transfers.
- Solution: Crypto.com now sends USDC via Ethereum to Visa’s Circle-managed account, reducing processing time.
- Outcome: Successful rollout in Australia, with plans for expansion to other markets.
"Pairing USDC with Visa’s innovation opens up the future of payments and commerce."
— Jeremy Allaire, CEO, Circle
Expanding to Merchant Acquirers
Visa is now enabling onchain payouts to acquirers like Worldpay and Nuvei, benefiting merchants who prefer stablecoin settlements over traditional fiat.
Supported Use Cases:
- Crypto merchants (exchanges, NFT platforms)
- Game developers
- On-ramp service providers
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Why Visa Chose Solana
To meet growing demand for high-speed, low-cost transactions, Visa added Solana blockchain support for USDC settlements.
Solana’s Advantages:
- 400ms block times
- 400+ TPS (peaks at 2,000+ TPS)
- Lower fees compared to Ethereum
Visa is among the first major payment networks to leverage Solana for live settlements.
Partnerships Driving Innovation
Worldpay’s Perspective
"Visa’s USDC capability allows us to offer merchants more funding flexibility."
— Jim Johnson, President, Worldpay Merchant Solutions
Nuvei’s Vision
"Stablecoins like USDC empower global businesses with faster, cheaper cross-border transactions."
— Philip Fayer, CEO, Nuvei
FAQs
1. What is USDC?
USDC is a stablecoin pegged 1:1 to the US dollar, enabling fast, low-cost transactions on blockchain networks.
2. How does Visa’s stablecoin settlement work?
Visa moves USDC between partners via Solana/Ethereum, settling transactions faster than traditional banking.
3. Which merchants benefit most?
Crypto-related businesses, gaming platforms, and global e-commerce merchants gain efficiency.
4. Is Solana secure for payments?
Yes, Solana’s high throughput and low latency make it ideal for scalable settlements.
5. Will Visa support other stablecoins?
Currently, Visa uses USDC, but future expansions may include other regulated stablecoins.
Conclusion
Visa’s expansion of stablecoin settlements to Solana and partnerships with Worldpay/Nuvei marks a major leap in blockchain-powered payments. By integrating USDC, Visa enhances cross-border efficiency, offering a modern alternative to traditional banking systems.