Cuy Sheffield shared the current vision of the Visa company around cryptocurrencies used in payment services and noted that the company is working to adopt stablecoins for now.
Visa Inc. is a United States-based multinational financial services corporation headquartered in San Francisco, California. This company provides financial services such as gluconic funds transfer through Visa-branded credit cards, debit cards, and prepaid cards.
Recently in the StarkWare Sessions 2023, Visa’s crypto division head Cuy Sheffield said that the company is working to bring a facility for the customers to allow them easy conversation of the digital assets with fiat currencies.
Sheffield said that the company is currently working on the top trusted stablecoin USDC on the Ethereum network to implement in the large value payment settlements.
“We’ve been testing how to accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlements,” Cuy Sheffield said.
Visa executive also confirmed that the company is investing in the global settlement with digital assets and fiat currencies avenue which will allow Visa customers to swap their digital assets with fiat currencies more likely to swap between different kinds of fiat currencies.
Payment giant company is exploring ways how it can introduce blockchain technology & digital assets in its existing payment network.
Sheffield confirmed that the company is currently testing such services and shortly the company will publicly announce it.
Recently Visa’s former CEO Al Kelly talked about the role of stablecoins & Central Bank Digital Currency (CBDCs) and said that fiat money on blockchain technology can play an important role in the future’s payment system.