The Visa payment network (NYSE:V) has added support for three stablecoins and two blockchains as part of its cryptocurrency business development.
Integrated into the Visa network:
Stablecoins Global Dollar (USDG), PayPal (NASDAQ:PYPL) USD (PYUSD), and Euro Coin (EURC);
Stellar (XLM) and Avalanche (AVAX) blockchains.
Previously, the Visa system only worked with stablecoins USD Coin (USDC) and the Ethereum and Solana (SOL) networks. Consequently, the introduction of new digital assets and blockchains will significantly expand the capabilities of the company’s clients, who will be able to buy and issue four different stablecoins across four networks.
Visa is creating a multi-coin and multi-network platform to meet the needs of our partners around the world. We believe that stablecoins will transform the money transfer process fundamentally when they become reliable, scalable, and interoperable,” said Visa’s Head of Product Development Rubail Birwadker.
The Avalanche blockchain stands out from its competitors with low transaction processing fees. Currently, one operation in this network costs an average of only $0.0487. In the Bitcoin and Ethereum blockchains, this figure reaches $0.96 and $1.22, respectively.
Change in the average fee for confirming a transfer on the Avalanche blockchain
The Stellar network is even more advantageous to use because coins can be sent almost for free, paying a fee of $0.000007886 at the current XLM exchange rate. At the same time, transfers are processed quite quickly, averaging five seconds. These properties of the Stellar blockchain impressed trader Peter Brandt so much that he called this cryptocurrency a rock star in the field of digital assets.