Visa Tests USDC Block Payments On Ethereum Blockchain

Possibilities of blockchain

Cuy Sheffield, head of the crypto asset (virtual currency) division of Visa, a payment giant, took the stage at the event of “StarkWare Sessions 2023” on the 5th, and the company will settle the stable coin “USDC” on the Ethereum (ETH) blockchain. said it was testing

He explained that the target of the test is large-scale payments. Visa says it wants to be able to exchange tokenized dollars for traditional dollars, much like dollars and euros are exchanged internationally.

. @cuysheffield and @visa have fell into the rabbit hole of Account Abstraction!

This is huge! pic.twitter.com/CFniLLBq5C

— Starknet-Ecosystem.com (@StarkNetEco) February 5, 2023

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The contents of this remark were reported by overseas media such as “Cointelegraph”, which reported on the event locally.remarks on twittertranscriptionare also published.

The relationship between Visa and USDC isn’t the first time it’s been revealed. In March 2021, the company announced a policy to start using Ethereum-based USDC payments, which attracted a lot of attention. At the time, Sheffield explained that there was “a growing demand to access, hold and use digital currency” from both consumers and customers around the world.

connection: Payment major Visa to start payment introduction of USD-pegged stablecoin “USDC”

The company plans to continue to strengthen its fiat and tokenized currency payment business. This time, Sheffield said that he is looking to blockchain technology because the existing network does not allow remittances to work as desired and has many limitations.

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Visa’s efforts

Visa is actively trying to incorporate new technologies such as blockchain and virtual currency into its business. In October last year, we applied for two trademark registrations related to cryptocurrencies and NFTs (non-fungible tokens). The application indicates that it has a digital wallet and metaverse in mind.

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Last December, it also published a blog post proposing a recurring automatic payment mechanism using blockchain. For example, people use automated payments to pay monthly bills, subscriptions, etc. The company is exploring implementing or improving these payments with blockchain technology.

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