Visa expands cross-border stablecoin payments via Solana

Visa is expanding its presence in the cross-border stablecoin payments ecosystem via a new venture involving the Solana blockchain. The company, which has a partnership with USDC stablecoin issuer Circle, announced today that it would be expanding its stablecoin offering from issuers to merchant acquirers.

Timeline of Solana

Global payments giant Visa has announced its latest move to modernize cross-border financial transactions. What Is USD Coin (USDC)? USDC, or USD Coin, is a type of stablecoin that is pegged to the U.S. dollar. Each USDC token is meant to be equivalent to one U.S. dollar, held in reserve by regulated financial institutions.

Payment giant Visa has broadened its USD Coin (USDC) settlement capacities to the Solana (SOL) blockchain while collaborating with merchant acquirers Worldpay and Nuvei, according to a Sept. 5 statement.

Rune Christensen, a co-founder of Maker, the Ethereum-based stablecoin protocol, has proposed to reimplement the protocol on a new chain forked from Solana. This move would be the final part of “Endgame,” an update to the protocol that seeks to grow the stablecoin dai by enhancing “efficiency, resilience, and participation.

Solana has set out into the new week with a vivid bullish outlook—1.6% in 24-hour gains to highs almost at $20. This competitive smart contracts token, like many of its peers, continues to deal with a rather dilapidated market structure, as losses accumulate to 14% in 30 days.

In the volatile cryptocurrency market, large financial movements often trigger fear among investors. Such is the case with the recent $10 million transfer of Solana (SOL) tokens from the bankrupt crypto exchange FTX's Solana wallet to the Ethereum network via the Wormhole bridge.

Cryptocurrency exchange FTX, which underwent a significant change in management following its bankruptcy in November 2022, is drawing attention due to the movement of its substantial Solana (SOL) holdings. Recent data shared on Twitter revealed that FTX's cold storage wallets, identified through the blockchain explorer Solscan, began transferring SOL tokens.

As the bullish sentiment around the Bitcoin ETF started to fade, the crypto market witnessed a sudden downturn in a majority of prominent digital coins. The price drop recuperated the bearish momentum in the market indicating the downward trend may continue in the coming days.

A widely followed crypto analyst says that Solana (SOL) has enormous upside potential in the next bull cycle. In a new video update, Coin Bureau host Guy Turner says that Solana could go on a huge rally as other digital asset projects compete against SOL in the crypto space.

“The more broken a staking model and design is,” Chorus One chief information officer Xavier Meegan says, “the more urgent a liquid staking solution is needed for that network.”

In an unexpected turn of events, the brains behind the brilliant Solana-based innovative contract automation program, Clockwork, have revealed their decision to remove critical platform infrastructure.