Visa’s crypto stablecoin settlement expands to Solana

Payment giant now uses the Solana blockchain as part of USDC-focused pilots with merchant acquirers Worldpay and Nuvei


Valeri Luzina/Shutterstock modified by Blockworks


Visa is now allowing its partners to send or receive USDC settlement payments via the Solana blockchain as it has begun working with new merchant banks, the company revealed Tuesday. 

As part of the stablecoin settlement expansion, the payments giant can now send USDC-denominated payouts to Worldpay and Nuvei through Visa’s Circle Account. Worldpay and Nuvei can then route these payments in USDC to their end merchants.

Visa enables the clearing, settlement and movement of billions of dollars a day, Visa Crypto Head Cuy Sheffield said in a post on X (formerly Twitter). The company must make sure the preferred currency is received in the correct amount from the issuer and sent to the merchant’s bank.

This process occurs across about 25 currencies between roughly 15,000 financial institutions, according to Visa. 

Visa began testing how it could use USD Coin (USDC) within its treasury operations in 2021. It did a pilot with, an exchange that now uses USDC to fulfill its settlement obligations on the Visa card in Australia. 

“This enables a modern and convenient option for crypto native issuers to more easily manage their card programs helping reduce the time and complexity of managing multiple bank accounts and international wire transfers,” Sheffield said in the X thread.

By now testing the use of Visa’s Circle account to conduct settlement payments on Solana to Worldpay and Nuvei, the company can now speed up settlement times for their merchants, it said. 

“Worldpay and Nuvei enable card acceptance for a diverse set of merchants across the world including a growing number of merchants interacting with the blockchain and crypto economy who may prefer to use USDC within their corporate treasuries over traditional fiat banking,” Sheffield added

The new pilots come a few months after Visa had sought out crypto developers to advance adoption of public blockchain networks and stablecoin payments. 

A company spokesperson had told Blockworks in February that failures in the crypto industry would not change its strategy of being a bridge between traditional finance customers and the cryptocurrency ecosystem.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg


Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as which has seen significant traction.


The bitcoin halving slated for April 2024 — an event expected to spur upward price action for BTC — could be a boon for Block’s stock price, analysts say


Seed Club founder Jess Sloss is excited to “open the doors and let other people see what we’ve been seeing for the last few months”


Blockchain is a “natural fit” in games based on open economies and user-generated content, says Wyatt


Their current stance is a half-baked attempt that could stifle innovation and burden an emerging industry


Maker’s DeFi-focused “subDAO” passed a proposal activating a lending market for DAI on the Gnosis Chain


Certain creditors could be repaid sooner, with one hedge fund exec telling Blockworks it expects a payout by the end of the year