Payment company Visa expanded Stablecoin Prasad on its disposal platform by adding support for Global Dollar (USDG), PayPal USD, Euro Coin (EURC) and two new blockchain networks, stallers and avalanches.
Integration allows users to send and receive stablecoin payment through the supported blockchain network or convert their balance to traditional fiat currency, the visa said Press release On Thursday.
Visa already supported the circle’s USD coin (USDC) Stabelcoin, while the network supported for transfer and settlement includes atherium, solana and newly pairs chains.
Stabecrims are growing in the United States after signing the Genius Stabelcoin bill, as the tech firms, banks and even major retailers plan to enter the Stabecoin market and take a piece of pie.
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Growing competition for StableCoin market share
Visa has faced competition from the growing list of financial institutions that are issuing stabelcoins or integrating stabecoin services to their customers.
This includes StableCoin issuer, which are disruptive to heritage financial systems, payment of payment processing companies.
Payments and credit card company master cards, visas direct contestants, are collaborating with Crypto companies to integrate crypto payment and have already token 30% of their transactions.
In June, reports were revealed that retail legends Walmart and Tech Company Amazon, which also doubled as an online marketplace, was discovering the possibility of launching their own stabecin. Both companies trade internationally and will benefit from low transaction fees and near-meal settlement time for cross-border commerce.
Bank of America CEO Brian Mionihan has repeatedly teased a plan to create a stabelcoin and equip the bank with stabecoin by rail.
Recently, Financial Services Company and Banking Giant JP Morgan participated with the coinbase to allow customers to directly connect their chess accounts to the coinbase and convert award points into USDC.
https://www.youtube.com/watch?v=Jeg7vspg2GY
Earlier this year, MasterCard representatives accepted This stabeloin directly threatens the payment processor business model and is a disruptive technique.
In June, the head of engineering NOAM Hurwitz at the Payments Infrastructure Company’s Alchemy told Cointelegraphs that the volume of Onchain Stablecoin transactions has crossed the visa and master card and is becoming a “default settlement layer” for the Internet.
magazine: Unstablecoin
