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3/29, 12:18 PM (Source: TeleTrader)
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Visa to settle transactions in USD Coin

Visa Inc. announced on Monday it will launch "the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum."

Crypto.com and the first federally-chartered digital asset bank Anchorage will be collaborating with Visa on the effort initially, with the financial services corporation planning to "offer the USDC settlement capability" to more partners later in 2021.

"Visa's standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies. The ability to settle in USDC can ultimately help Crypto.com and other crypto native companies evaluate fundamentally new business models without the need for traditional fiat in their treasury and settlement workflows," the company explained in a statement.

Breaking the News / MS