Major payment method provider Visa has reportedly forged an alliance with blockchain services firm Circle, in a bid to offer facilitating features for USD Coin (USDC) stablecoin transactions.
Specifically, following Circle’s completion of Visa’s Fast Track program, tentatively to be within 2021, the payment giant will finalize the issuance of a credit card, enabling entities to transfer and receive USDC payments directly from any entity utilizing the card.
“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC.” Cuy Sheffield, Visa’s head of crypto, reportedly remarked.
Moving forward, the collaboration will reportedly enable support for USDC transactions between cross-border Visa-friendly firms.
The payments heavyweight further disclosed details regarding its partnership with BlockFi, rolling out a new credit card, featuring Bitcoin (BTC)-based user rewards, laying the foundation for great mainstream crypto adoption.
Twenty-five wallet providers have reportedly participated in Visa’s Fast Track plan these past days, preparing Visa for its USDC initiative.
“We continue to think of Visa as a network of networks […] Blockchain networks and stable coins, like USDC are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.” Sheffield further stated.