Visa, the multinational payment company, has set its sights on a new frontier in the world of digital assets and blockchain technology.
At the StarkWare Sessions 2023, the head of the company’s cryptocurrency section, Cuy Sheffield, discussed the organization’s most recent business endeavors. The company’s ultimate objective is to enable users of its platform to convert digital assets into fiat currencies.
Incorporating blockchain technology into existing networks
According to Sheffield, one of the areas that Visa is investing in is a worldwide settlement with digital assets and fiat currencies. He said that the business wants to establish muscle memory in the same way that it can convert between dollars and euros in international financial transactions.
However, due to the fact that settlements are still handled through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, the payment giant has not been able to transfer money as often as it would want. This has hampered its capacity to move money.
Sheffield said that in order to get over this obstacle, Visa has been conducting tests to see whether it is possible to accept settlement payments made using stablecoins on the Ethereum blockchain.
We’re thinking a lot about how to take some of the value that visa provides on existing bank rails, with existing forms of beyond in a rebuild that on top of blockchain rails, using stable boards. If we think there are huge opportunities in that area, it just kind of stays on emerging,
Cuy Sheffield
Visa’s plans for stablecoins and CBDCs
Former Chief Executive Officer of Visa, Al Kelly, spoke recently about the company’s ambitions for central bank digital currencies (CBDCs) and private stablecoins at Visa’s annual shareholder meeting.
Kelly has remarked that stablecoins and central banks’ digital currencies have the potential to play a substantial role in the payments arena, and a number of our efforts are now under development to bring this promise to fruition.
Sheffield provided confirmation of this position and said that the business is now working on projects to integrate these technologies into its platform.
It is abundantly evident that Visa is at the vanguard of the change brought about by digital assets. Furthermore, since the firm places a strong emphasis on developing muscle memory for settlements, it is in an excellent position to lead the way in this fast-transforming sector.
Visa is the company that is establishing the norm for the future of digital payment systems because of its dedication to integrating blockchain technology and stablecoins into its current networks.
