Visa CEO Al Kelly said back in early 2023 that his company plans to build a global blockchain payment infrastructure. Its underlying asset will be fiat-backed stablecoins.
Kay Sheffield, representing the top management of Visa, confirmed the company’s plans last week and announced the launch of an Ethereum service for converting the USDC stablecoin into fiat money.
Moreover, users will be able to make calculations for large amounts. They will also be able to carry out transactions with tokenized assets. They can be exchanged for both US dollars and euros.
The global SWIFT system we currently use limits our ability to convert currencies.
We concluded that the most convenient option would be to create a blockchain platform for cross-border payments using stablecoins, Sheffield emphasized.