Visa Expanding Stablecoin Settlement to Solana
Visa is expanding its stablecoin settlement capabilities to include the Solana blockchain, partnering with merchant acquirers Worldpay and Nuvei.
- New Frontier: Visa taps into Solana for stablecoin settlement
- High Speed: Solana features 400 millisecond block times and high transactions per second
- Merchant Acquirers: Worldpay and Nuvei are onboard to help speed up settlement times
- Millions Moved: Visa has already shifted millions of USDC over Solana and Ethereum
Visa is expanding its blockchain partnerships by integrating the Solana blockchain for stablecoin settlements. This move comes in partnership with merchant acquirers Worldpay and Nuvei, aiming to modernize and speed up cross-border money transfers.
The choice of Solana, known for its lightning-fast block times of 400 milliseconds and the ability to process hundreds of transactions per second, offers a leap in efficiency and cost-effectiveness. During peak demand, Solana can handle more than 2,000 transactions per second.
The partnership comes after Visa has already successfully moved millions in USDC stablecoins between its partners on both Solana and Ethereum networks. This is part of Visa’s broader strategy to improve the clearance and settlement systems that link nearly 15,000 financial institutions and operate in more than 25 global currencies.
❗Why It Matters
Visa's adoption of Solana for stablecoin settlements marks a significant evolution in how global, high-volume payment networks are starting to utilize blockchain technology for increased speed and reduced costs.
📊 By the Numbers
Solana's blockchain network averages 400 transactions per second and can surge to more than 2,000 transactions per second during peak demand times.
🎤 Founder Feedback
Visa is committed to being on the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money.Cuy Sheffield, Head of Crypto, Visa
For more web3 and NFT news, visit the Lucky Trader newsfeed.