Visa Launches USDC Settlement on Solana Blockchain

Visa Inc., an American multinational payment service company, has announced a new service. According to the announcement, this service allows United States banks to settle payments using the USDC stablecoin on the Solana blockchain. 

Visa Brings Stablecoins to the Forefront of Payments

With USDC settlement, banks can transfer funds almost instantly. Undoubtedly, this is a significant improvement over old settlement systems that only work during business hours. Another key benefit is that banks can settle transactions any day of the week, even on weekends and holidays. This helps them manage their cash better and reduces reliance on traditional banking schedules.

Visa has also announced that this upgrade works behind the scenes. This change will not affect how cardholders use their Visa cards, allowing banks to benefit from faster blockchain-powered settlements.

Meanwhile, the stablecoin settlement service will start with Cross River Bank and Lead Bank as its first U.S. banking partners. Additionally, Visa plans to expand the stablecoin settlement service through 2026, with more banking partners joining in the future. This gradual rollout shows Visa’s long-term commitment to using stablecoins in their payment and settlement systems.

Visa Expands Stablecoin Settlements Across CEMEA

Similarly, the global payment company announced a new partnership with cryptocurrency infrastructure provider Aquanow. Visa aims to grow its stablecoin settlement services in Central and Eastern Europe, the Middle East, and Africa (CEMEA). The move will ensure payments are fast, more transparent, and available every day for financial institutions in these regions.

Through this partnership, Visa’s banks and payment network providers will be able to settle transactions using USDC. This system works 365 days a year, avoiding the delays caused by weekends and public holidays in traditional banking.

This new partnership comes months after Visa teamed up with Yellow Card to grow its stablecoin payments across CEMEA.

Visa Expansion Part of Its Digital Currency Push

Visa first entered the stablecoin space in 2023, piloting USDC settlement as one of the first major payment networks to do so. Since then, the company has scaled its stablecoin settlement volume to an annualized run rate of $2.5 billion. 

CEO Ryan McInerney also said Visa plans to support four stablecoins across four different blockchains in the near future. Furthermore, Visa’s stablecoin plan is part of its goal to bring digital money into the financial system using blockchain technology.  

In September, the company started a pilot program allowing banks and financial institutions to pre-fund cross-border transactions with stablecoins. It has also invested in companies that focus on stablecoins. In May, Visa inked a strategic deal with London-based fintech company BVNK.