$USDC Will Be Available Soon

Currently, this service is available in three countries: Colombia, Mexico, and Ecuador. However, Visa aims to expand this service to Europe, Asia, and Africa in the near future. They are also partnering with Lead Bank to assist with the banking side of this project.

Large Companies Focus on Stablecoins

Visa is not the only major company working on stablecoins. Mastercard also launched a new stablecoin payment system this week. Other companies like Robinhood and Revolut may also launch stablecoins in the future.

Currently, the market for these currencies is over $239 billion. It is expected to reach $500 billion in the coming years. To remain competitive, Ripple introduced its own stablecoin called RLUSD and even attempted to acquire Circle, the company behind USDC, for $5 billion. That transaction did not materialize.

What About the Regulations?

Although these coins are rapidly increasing, 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 are already in place. New regulations known as MiCA began in December. This helps businesses like Circle to safely and legally expand their stablecoins on the continent.

Final Thoughts

Visa and Bridge are helping individuals in Latin America by providing a fast and secure method for paying with stablecoins. This action could change how money is spent in daily life, especially in areas where standard currencies are unstable. And with more countries likely to follow, stablecoins may become the new standard for how we all pay.

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