Visa will start using cryptocurrency for transactions

Visa said it would allow the USD Coin (USDC) stablecoin to be used for transactions. The payment system launched

a pilot project in conjunction with the Crypto.com cryptocurrency platform and plans to offer the opportunity to conduct transactions with this cryptocurrency to partners at the end of 2021, the press service said.

As a reminder, USD Coin (USDC) is a cryptocurrency whose value is directly pegged to the US dollar.

Visa successfully completed the first settlement transaction: the company sent USDC to Visa's Ethereum address at Anchorage cryptobank.

For other transactions, the company explained,a similar algorithm will be carried out: when paying with a cryptocurrency card, the digital currency is converted into "ordinary" fiat money. The crypto wallet will be able to deposit them to the connected bank account.

Supporting digital currencies as a new type of settlement currency marks an important step for Visa's network strategy, the company notes.

Read more:

The most stormy place on Earth: why Drake Passage is the most dangerous route to Antarctica

New uranium compound breaks record for anomalous conductivity

Mars Express helped find out where and how the water disappeared from the Red Planet