The Visa cards allow spenders to pay with USDC directly from their crypto$ETH
wallets, via smart contracts moving a stablecoin balance.
Visa has collaborated with crypto card expert Baanx to introduce stablecoin payment cards linked to self-custody wallets, beginning in the U.S. with Circle's USDC.
Baanx is also in collaboration with Mastercard on a card that's connected to MetaMask wallets
Cryptocurrency debit card company Baanx has entered into partnership with Visa to roll out stablecoin payment cards connected to self-custody wallets, beginning in the United States with Circle's USDC dollar-pegged token, the firms said.
The Visa cards allow customers to spend USDC directly out of their crypto $BNB wallets, through the use of smart contracts to transfer a balance of a stablecoin on card authorization by the consumer in real time to Baanx, which exchanges the balance in fiat for payment, stated a Wednesday press release.
Enabling individuals to hold and spend their money on-chain with the assistance of large card networks such as Visa and Mastercard is a rapidly expanding segment in crypto. Baanx, a crypto debit card specialist company, is also collaborating with Mastercard on a card based on MetaMask wallets.
The payment space for stablecoins is also getting hotter as Circle recently broke news about its own payments network initially targeting cross-border payments and remittances.
Baanx's Visa cards tied to stablecoins guarantee a global reach with inexpensive cross border payments in the mix, the release states.
Access to stable currency $BTC is a luxury for much of the world. We're providing people with the opportunity to hold and spend USD-backed stablecoins easily — in real-time, self-custody fashion — everywhere Visa is accepted. This is the future of finance," said Simon Jones, chief commercial officer at Baanx in a statement.
We know the payments ecosystem is still in the early innings of stablecoin adoption, but real-world utility is coming to the forefront, and we’re excited for what’s next,” said Rubail Birwadker, Visa’s head of growth products and partnerships in a statement.#EthereumSecurityInitiative #MastercardStablecoinCards