Visa Expands Crypto Presence with Stablecoin-Backed Payment Solutions

Visa is expanding its presence in the cryptocurrency universe by focusing on transforming digital wallet values into usable payment means. The company has over 180 programs worldwide that connect Visa cards to crypto wallets, with around 50 of them in Latin America.

Eduardo Abreu, Vice President of New Business at Visa in Brazil, stated that stablecoins can serve as an entry point for consumers who want to understand the world of crypto assets without switching directly to more volatile currencies. Unlike assets like Bitcoin and Ethereum, stablecoins are backed by fiat currencies, making them a more accessible option.

Visa's model connects cards to wallets maintained by users on exchanges, allowing them to hold stablecoins or other crypto assets and make purchases at establishments that accept Visa. The payment is made in the local currency to the recipient, while the amount is debited from the user's wallet.