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The payments behemoth Visa has initiated a pilot program in the United States, enabling US dollar-pegged stablecoin disbursements to be transmitted from business accounts supported by fiat currency, such as US dollars.
Visa revealed the pilot during the Web Summit in Lisbon, Portugal, on Wednesday, which permits users of its digital payments platform, Visa Direct, to transfer stablecoins like USDC (USDC) straight to a cryptocurrency wallet.
The organization stated that the pilot allows recipients to choose to receive their funds in stablecoins, and US-based platforms and enterprises can dispatch payments from their fiat currency-backed accounts “straight to users’, workers’, or employees’ stablecoin wallets.”
“Initiating stablecoin payouts is about facilitating genuinely universal access to funds in minutes, not days, for anyone, anywhere across the globe,” expressed Visa’s president of money movement solutions, Chris Newkirk.
Visa mentioned it is currently onboarding “select partners,” and broader access to the service is set for a rollout in 2026.
The company is initially aiming the pilot at businesses that operate globally and those in the freelance or gig economy sector, who frequently rely on swift digital payments.
Visa indicated that its recent research revealed that 57% of gig workers favor digital payment options for quicker access to their earnings.
Visa broadens stablecoin initiative as US regulations take shape
Visa’s newest action builds on its increasing commitment to blockchain-driven settlement and payments.
In July, Visa broadened stablecoin options on its settlement platform by introducing Global Dollar (USDG), PayPal USD (PYUSD), and Euro Coin (EURC) spanning the Stellar and Avalanche blockchains.
Related: Crypto Biz: Wall Street titans invest in stablecoins
In September, Visa Direct commenced piloting instant transfers utilizing USDC and EURC, permitting quicker treasury settlements among businesses.
Visa’s expansion occurs as payment networks strive to leverage new regulatory clarity in the United States following the enactment of the GENIUS Act, a historic bill establishing federal guidelines for stablecoins.
An increasing number of corporations are entering the field, with banking titan Citigroup investigating stablecoin payments and Western Union set to introduce a digital asset settlement system on Solana.
Simultaneously, Wall Street institutions such as JPMorgan and Bank of America are in the preliminary phases of crafting their own stablecoin projects.
Stablecoin startups are also attracting significant venture capital, with recent investments supporting companies active within the stablecoin ecosystem, such as Telcoin, Hercle, and Arx Research.
Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it succeed?
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