US-based payment giant Visa has announced new pilot programmes for stablecoin swaps. Transactions planned to be carried out through VisaNet will be carried over Solana and Ethereum blockchains. "Visa is committed to being at the forefront of digital currency and blockchain innovation and leveraging these new technologies to help improve the way we move money," Visa's announcement said.
Through live pilots with issuers and acquirers, Visa has moved millions of USDC between its partners over the Solana and Ethereum blockchain networks to settle fiat payments authorised through VisaNet.
"By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we are helping to increase the speed of cross-border payments and providing our customers with a modern option to easily send and receive money from Visa's treasury," said Cuy Sheffield, Head of Crypto at Visa.