Earlier today on Tuesday, September 5, payments giant VISA announced that it’s expanding its USDC settlement pilot to the Solana blockchain network. VISA believes that Solana will help them achieve enterprise-grade throughput at virtually zero cost for all Visa issuers and merchant acquirers on Solana.
VISA is working with merchant acquirers Nuvei and Worldpay. Visa has conducted live pilot programs with issuers and acquirers, successfully transferring millions of USDC (USD Coin) across the Solana and Ethereum blockchain networks to settle fiat-denominated payments approved over VisaNet.
Thus, whenever consumers use their VISA card at any of the VISA-accepting merchant locations worldwide, they witness the convenience of instant payment authorizations. However, in the backend, the funds are yet to move between the customers’ bank and the merchant banks.