While Visa itself will not custody the stablecoin, the partnership will see Circle working with Visa to help integrate the USDC software into their platforms and send and receive USDC payments. Circle has also now joined the Visa Fast Track Program.
The program gives fintech firms turnkey access to Visa’s ecosystem partners, APIs, and market toolkits, and allows them to issue Visa credit cards. Circle will graduate from the Fast Track program in 2021, enabling Visa to issue a credit card that lets businesses send and receive USDC payments directly from any business using the card.
The partnership will provide USDC payments to 60+ million merchants. USDC launched in September 2018 and is, as November 2020, the second-most valuable stablecoin after Tether.
In addition to Circle, Visa has onboarded 25 cryptocurrency wallets into its Fast Track Program. These wallets will now be able to integrate USDC payments. Aside from partnerships, Visa has also become an active investor in cryptocurrency startups.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now