Visa announced that transactions can be made with USD Coin (USDC) on its own payment network. It is stated that transfers to be made with USDC will be processed over Ethereum. Bitcoin and altcoin prices are on the rise after the news.
Visa has begun testing the USD Coin developed by Circle with Crypto.com. According to Reuters, the scale of the test studies will grow later in the year.
Direct payment, not indirect
When cryptocurrency users paid with cards such as Crypto.com Visa, this payment was converted from crypto money to fiat money. Circle CEO Jeremy Allaire explains the new system that Visa will implement as follows:
“If a user has USDC in their wallet and has this wallet linked to a card, these USDCs can be used in all businesses where Visa is valid. USDC will be used directly, not the traditional banking system, when making transactions. Visa will thus eliminate the risk of a transaction being rolled back, eliminating the delays and costs of providers such as SWIFT and ACH. ”
Visa will use Ethereum technology when removing the crypto-to-fiat conversion. The company completed its first USDC transaction in Ethereum this month in collaboration with Anchorage and Crypto.com.
Cryptocurrency prices are on the rise
Bitcoin was being bought and sold for $ 56,215 before the Visa news was heard. According to Coinbase data, the price rose as high as $ 58,191 in the first hour after the news. The price of Ethereum (ETH), which uses Visa’s technology, increased from $ 1,710 to $ 1,765.
According to CoinGecko data, the total value of the crypto money market is $ 1.85 trillion, while Bitcoin dominance is at the level of 58.2%.