Visa is working to connect stablecoins with traditional payment networks as stablecoin use rises, according to Cuy Sheffield, the company’s head of crypto.

Stablecoins are digital assets tied to government-issued currencies, such as the US dollar, and allow money transfers outside the banking system.

While there are more than US$270 billion worth of stablecoins in circulation—up from US$120 billion two years ago—most merchants do not yet accept them directly.

Visa has introduced stablecoin-linked payment cards and recently piloted a program allowing some US banks to settle payments with Visa using USDC, a stablecoin backed by Circle.

Visa reported an annualized run rate of US$4.5 billion in stablecoin settlement, compared to its US$14.2 trillion annual payments volume.

🔗 Source: Reuters

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