Credit card giant Visa will support USDC payment, traditional institutions are competing to deploy the crypto market

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Visa has partnered with the blockchain service company Circle to make transactions on the stable currency USD Coin (USDC) compatible with certain credit cards.

An article in Forbes on Wednesday said: “After Circle and Visa have completed the fast-track project, maybe sometime next year, Visa will issue a credit card that allows businesses using the credit card to send and receive USDC payments directly. “

Cuy Sheffield, head of cryptocurrency at Visa, told Forbes:

“This will be the first corporate card that allows companies to use USDC balances.”

In the future, this cooperation will facilitate USDC transactions between Visa-supported cross-border companies. On Tuesday, payment giant Visa also announced a cooperation with BlockFi to launch a credit card that supports Bitcoin (BTC) to reward customers.

“Forbes” pointed out that in recent days, 25 wallet providers have joined the Visa Fast Track Program, laying a foundation for Visa to promote USDC payments.

According to Sheffield:

“We still believe that Visa is a network that covers multiple networks, while the blockchain network and USDC and other stablecoins are just additional networks. Therefore, we believe that Visa can provide important value to our customers, allowing them to use Visa and Our merchants consume.”

From the launch of digital assets by PayPal on its platform to the massive purchase of Bitcoin by large mainstream financial investors, the adoption rate of cryptocurrencies will increase significantly in 2020.

Earlier this year, Coinbase obtained Visa’s primary membership status and was allowed to issue Visa payment cards.