Visa conducted a trial run of payments in stablecoins in the SWIFT system, said the head of the crypto division of the company Kui Sheffield at the StarkWare Sessions 2023 conference, writes RBC Crypto with reference to Cointelegraph. According to him, global settlements with the conversion of digital assets into fiat currencies and vice versa is one of the areas in which Visa is investing.
“This is one of the areas where we want to build muscle memory. In the same way that we can convert dollars to euros in a cross-border transaction, we must be able to convert digital tokenized dollars into traditional dollars,” Sheffield said.
Test payments were made in USDC stablecoins on the Ethereum blockchain. According to the head of the company’s crypto division, this allows money transfers to be made much faster. However, there are a number of restrictions in the SWIFT system, so it is not yet possible to transfer money as often as we would like, Sheffield said.
Transactions with cryptocurrencies outside the SWIFT Visa system have been conducted for several years. The first transaction in the USDC stablecoin using the Ethereum blockchain was carried out on the Crypto.com platform in March 2021.
At the end of last year, Visa announced that it had developed a solution for auto payments on the blockchain. It will allow for the automatic execution of pre-scheduled payments using smart contracts in non-custodial wallets of users.
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