The Visa payment company has expanded Stablecoin offerings to the regulating platform by adding support for global dollars (USDG), Paypal USD (PIUSD), Euro coins (EURC) and two new Blockchain, Stellar and Avalanche networks.
Integration allows users to send and receive stablecoin payments through supported blockchain networks oi convert their balances to traditional Fiat currency, Visa said in a Press release on Thursday.
Visa has already offered support to Circle’s USD coin (USDC) Stablecoin, while supporting the networks for moving and regulating include Ethereum, Solana and the newly added chain.
Institution’s interest in stablecoins grows following the Signing by Genius Stablecoin Bill In the United States, as tech firms, banks and even major retailers are planning plans to enter the Stablecoin market and get a piece of pie.
Related: WLFI associated with WLFI invests $ 10m on Falcon Finance for Stablecoin development
Rising competition for sharing the Stablecoin market
The visa is facing competition from a growing list of financial institutions that release stablecoins or integrate Stablecoin services for their clients.
This includes those who provide stablecoin, which interferes with legacy financial systems, identified by payment processing companies.
Mastercard’s credit card payments and companies, direct visa competitors, cooperate with crypto companies to combine crypto payments and already have Tokenized 30% of its transactions.
In June, reports appeared that the retail Walmart and Tech company of Amazon, which also doubled as an online marketplace, explored the possibility of Launching their own stablecoins. Both companies are doing business worldwide and will benefit from reduced transaction fees and near-instant settlement time for cross-border commerce.
Bank of America’s CEO Brian Moynihan is repeated -repeating Temptation plan to create a stablecoin and equip the bank with stablecoin payment metals.
Most recently —what, financial service and giant banking company JPMorgan cooperated with Coinbase To allow customers of the ability to llink their Chase accounts directly to Coinbase and to convert reward points to the USDC.
https://www.youtube.com/watch?v=JEG7VSPG2Gy
Earlier this year, representatives for MasterCard identified Stablecoins directly threaten the business processor business model and a disturbing technology.
In June, Noam Hurwitz, head of Engineering at the Payment Infrastructure Company Alchemy, told Cointelegraph that the volume of Onchain Stablecoin transactions exceeded Visa and Mastercard and became “default layer of regulating ”for the Internet.
Magazine: Unstablecoins: deegging, bank run, and other risks
