Visa Tests US Dollar Stablecoin Payout Service to Crypto Wallets
Visa expands stablecoin payment trials to enable creators and gig workers to receive USDC or other USD-pegged tokens within minutes for faster cross-border payouts.
USDC
Fact Check
The statement is unequivocally supported by multiple high-authority primary sources. Visa's own official press releases, distributed on its investor site and through PR Newswire, explicitly announce a 'pilot program' (a test) for its Visa Direct service. This program is designed to send 'USD-backed stablecoin payouts' (US Dollar Stablecoins) to 'stablecoin wallets' (crypto wallets). Every component of the user's statement is directly confirmed by Visa's announcement. Furthermore, the information is corroborated by numerous reputable secondary sources, including Bloomberg, The Block, and PYMNTS.com, as well as by a primary source from a key partner, Nium, which announced its participation in the pilot. There is no conflicting evidence among the provided sources.
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Summary
Visa announced on February 12 a pilot program for its stablecoin payment service Visa Direct, targeting creators and gig workers. Businesses fund payouts in fiat currency, while recipients receive USDC or other USD-pegged stablecoins in their crypto wallets. Transfers are completed within minutes, improving cross-border payment speed and efficiency. This initiative builds on Visa’s earlier September pilot and supports the integration of blockchain-based solutions for rapid, borderless transactions.
Terms & Concepts
- Stablecoin: A cryptocurrency pegged to a stable asset like the US dollar to reduce volatility.
- Fiat currency: Government-issued currency such as the US dollar or euro, not backed by a physical commodity.
- Crypto wallet: A digital tool that stores cryptocurrencies and allows sending and receiving transactions on the blockchain.