$USDC Coming Soon

Right now, the service is live in three countries, Colombia, Mexico, and Ecuador. But Visa aims to expand the service into Europe, Asia, and Africa soon. They also partnered with Lead Bank to help with the banking side of the project.

Big Companies Focus on Stablecoins

Visa isn’t the only big company working on stablecoins. Mastercard also started a new stablecoin payment system this week. Other companies like Robinhood and Revolut may also launch stablecoin in the future.

Now, the market for this currency is more than $239 billion. It is expected to reach $500 billion in the coming years. To remain competitive, Ripple introduced its own stablecoin named RLUSD and even attempted to acquire Circle, the firm behind the USDC coin, for $5 billion. That transaction did not materialize.

What About the Rules?

Although these coins are increasing rapidly, most countries lack regulations on how to use them. In the United States, there are efforts to pass new legislation such as the GENIUS Act and the STABLE Act to regulate how stablecoins operate.

In Europe, regulations already exist. A new regulation known as MiCA began in December. It assists businesses such as Circle in expanding their stablecoin safely and legally in the continent.

Final Thoughts

Visa and Bridge are assisting individuals in Latin America by providing a quick and secure method of paying using stablecoins. This action may transform the way money is spent in everyday life, particularly in regions where standard currency is volatile. And with more nations to follow, stablecoins may become the new standard of how we all pay.

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