Visa is now Settling USDC Payments Using Ethereum, ETHUSD Roars Past $1.7k
Visa, the world's largest payment processor, now accepts one of the world's most adopted stablecoin, USDC, a statement on Mar 29 reads. The payment processor terms this first in connecting traditional and decentralized payment rails. Consequently, Ethereum's utility has been brought to the fore. In response, the ETH/USD price rose above $1.7k as demand for the coin spiked.
Visa says they want to create a differentiated ecosystem and make the use of cryptocurrencies more secure and useful. By using Ethereum as a settlement layer for USDC, Visa would "address the needs of Fintech managing their business in a stablecoin or cryptocurrency." For this capability, Visa will be using the services of a crypto bank, Anchorage. In this arrangement, Crypto.com will send USDC to Visa's ETH address under the regulated crypto bank. Ethereum is already dApp dense and thehome of DeFi, where retailers can earn higher yields without intermediaries.
Impact on the ETH Price:
Bullish. The more corporations use the network, the higher the demand and exposure of ETH will be, a net positive for bulls.
More market news over on ourBlog