Global payment giant VISA revealed its expansion of stablecoin settlement services to the Solana blockchain. The pilot program aims to enhance the capabilities of traditional payment systems by leveraging blockchain technology. This development marks VISA’s commitment to embracing digital currency and blockchain innovation, offering improved speed, lower costs, and increased efficiency in cross-border transactions.

Improving Legacy Payment Systems with Blockchain:
VISA’s Head of Crypto, Cuy Sheffield, emphasized the potential of stablecoins and blockchain networks like Solana and Ethereum to enhance cross-border settlements. Leveraging stablecoin USDC and blockchain technology, VISA endeavors to revolutionize money movement, positioning itself at the forefront of modern payment solutions.

The Journey Towards Blockchain Integration:
VISA initiated its settlement program with stablecoin USDC in 2021, teaming up with crypto exchange Crypto.com to facilitate seamless transactions in Australia using the Ethereum blockchain. This groundbreaking collaboration resulted in significant reductions in settlement times, from days to mere seconds. Following this success, VISA acquired merchants Worldpay and Nuvei to further expedite settlement processes, reduce costs, and enhance program decentralization.

The Role of Solana in VISA’s Program:
VISA’s collaboration with the Solana blockchain is a pivotal step for the payment giant. By becoming one of the first traditional companies to enable direct live settlement payments on Solana, VISA showcases its intention to forge new alliances and expand its program. Through this partnership, Worldpay President Jim Johnson highlights the enhancement in funding options and flexibility for merchants as crucial requirements in today’s evolving commerce landscape.

Analyzing Solana’s Performance:
Despite a challenging period for the overall crypto market, Solana has shown resilience and maintained positive momentum. While the blockchain has experienced a slight decline in its circulating market cap and 30-day revenue, Solana’s annualized revenue and fees have witnessed a notable increase. Furthermore, while active user numbers have decreased, indicative trends suggest optimistic prospects for future growth opportunities.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.