According to an exclusive report by Reuters, Visa will now support crypto payments in USD Coin (USDC) on its network. The source says that the payment provider launched the pilot program in partnership with Crypto.com. Visa will be using the Ethereum blockchain to avoid the conversion of cryptocurrency into fiat money, Reuters reports.
Institutional adoption of cryptocurrency has increased over the past months. Last month, payment network Mastercard also announced that it would offer support for crypto for payments on its network in 2021. In a blog post, the head of digital payment products Raj Dhamodharan suggested that stablecoins would be brought onto the network. In particular, that is because they meet compliance requirements and other regulations.
Moreover, PayPal allowed its users to hold, buy, and sell cryptocurrencies in October last year. The company is now looking into expanding its crypto reach having launched a new business unit.
Just last week, automaker Tesla has announced the introduction of Bitcoin as a payment method for customers based in the U.S. Moreover, CEO Elon Musk suggested introducing Bitcoin support for international customers later. Luxury hotel group The Kessler Collection also announced accepting crypto this month, thanks to a partnership with BitPay.
