A presentation by the payment giant, Visa’s head of crypto at the 2023 StarkWare Sessions, has revealed that the company wants to develop what it terms as ‘muscle memory.’ The company has been trying out a system of paving the way for the acceptance of settlement payments in USD Coins. It is relying on the Ethereum blockchain while paying out in USD Coin on Ethereum.
This move towards an acquainted process of settlement is aimed at allowing customers to exchange digital assets with traditional currencies on the platform. Visa’s head of the crypto division, Cuy Sheffield, shared this information at a presentation during the 2023 StartWare session.
Cuy Sheffield said that Visa was in the process of experimenting with taking in settlement payments in the form of USD Coin on the Ethereum Blockchain. It then plans its pay-out in USD Coin on Ethereum. He said that such payments are meant for only large-volume settlements.
Visa Is Moving Ahead With Incorporating Blockchain Know How Into Its Existing Infrastructure
The Visa official stated that they would be financing global settlements with the use of fiat currencies and digital assets. He said that they plan to craft a known process that would be similar to the process of conversion between euros and dollars during transactions across the border. This process would be followed in the conversion between digital tokenized traditional currencies and dollars.
Visa is in the process of studying ways to integrate blockchain know-how into the company’s existing infrastructure. This it says will enable it to speed up all money transfers.
At present, however, settlements are even now directed through the tested SWIFT system. This system is akin to a cooperative society that leading European bankers established. The SWIFT system proves a standardized and secure system of communication for money transactions between member banks and nations. At an annual shareholder meeting recently, Al Kelly, former Visa CEO, gave a brief look into future plans of the company for private stablecoins and digital currencies of central banks.
