Visa Pioneers Stablecoin Pilot for Faster Business Money Transfers
Visa has launched a pioneering pilot program to revolutionize international money transfers for businesses. The initiative, which began recently, uses stablecoins to streamline cross-border payments.
Instead of holding large sums of cash in advance, companies can now treat stablecoins as 'money in the bank'. This innovative approach allows businesses to send payments abroad swiftly and securely.
Visa aims to 'unlock instant, global, and programmable payouts' through this program. Corporate clients can pre-fund their Visa Direct accounts with stablecoins like USDC and EURC, ensuring recipients get paid in their local currency. The goal is to slash settlement times from days to mere minutes, providing businesses with faster access to liquidity.
Visa's pilot program marks a significant step towards modernizing international money transfers. By leveraging stablecoins, it promises quicker, more efficient, and cost-effective cross-border payments for businesses worldwide.
