Visa Now Supports Stellar for Stablecoin Transactions
On July 30, Visa announced that it has upgraded its system to support stablecoin payments on four major blockchains.
These blockchains are Ethereum, Solana, Avalanche, and now Stellar. This means that companies using Visa’s platform can now send and settle payments using stablecoins directly on the Stellar network.
Visa’s platform now also supports four stablecoins backed by the U.S. dollar and the euro. These stablecoins are PayPal USD (PYUSD), Global Dollar (USDG), and Circle’s euro-backed EURC, among others.
By adding support for Stellar, Visa now lets its users settle payments directly on the Stellar blockchain using stablecoins. This can help make cross-border money transfers quicker and more affordable. These are two major goals Stellar has been working on since it was launched in 2014.
This initiative is also set to give Visa clients another reliable option to move funds without going through traditional banks.