Earlier today on Wednesday, Visa said that it’s linking its payments network of 60 Mln merchants to the USDC stablecoin developed by Centre, the consortium founded by Circle and Coinbasem, as primary reported by Forbes.
While Visa itself won’t custody any USDC, Circle will be working in collaboration with Visa to assist certain Visa Credit Card issuers to integrate the USDC software into their platforms and transfer and receive USDC payments.
Moreover, Visa will support the issuance of a credit card that lets businesses transfer and receive USDC payments directly from any business using the card.
Circle spokesperson Josh Hawkins confirmed the move via email, saying the businesses were targeting a 2021 launch.
The businesses will also develop a corporate card that will let users spend USDC at vendors that accept Visa cards.
Visa head of crypto Cuy Sheffield confirmed the news on Twitter, adding:
“Circle will issue the primary Visa corporate card connected to USDC to permit their business clients to spend USDC from their corporate treasury at 60 Mln merchants.”
Visa’s rules require that cards within the United States be formally issued by a bank, so Circle will need one as a partner to launch this product. Hawkins added that the company hasn’t yet disclosed issuing details. In other countries, non-banks may issue Visa cards [Coinbase issues its own card within the United Kingdom].