Visa announced that it will allow the use of the cryptocurrencies to settle transactions on its payment network.
Visa Inc announced earlier today that it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, which marks the latest sign of growing acceptance of digital currencies by the mainstream financial industry.
Visa has launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year.
The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar.
Visa’s decision to accept crypto payments come as major finance firms including BNY Mellon, BlackRock Inc and Mastercard Inc have embraced some digital coins, all of which sparked predictions that cryptocurrencies will become a regular part of investment portfolios.
Also, Tesla Inc boss Elon Musk said last week that customers can buy its electric vehicles with bitcoin, marking a significant step forward for the cryptocurrency’s use in commerce.
Visa’s latest step, which will use the Ethereum blockchain, strips out the need to convert digital coin into traditional money in order for the transaction to be settled.