Visa Expands Stablecoin Use in Payment Network
Visa and zerohash have announced that they will be expanding the use of stablecoins in Visa's payment network, Visa Direct. The new feature will allow businesses to prefund accounts with stablecoins and make payouts directly to customers. This is part of a broader effort by Visa to increase adoption of stablecoins and improve financial inclusion.
The partnership between Visa and zerohash aims to provide a secure and regulated platform for the use of stablecoins in cross-border transactions. zerohash will provide the regulatory and technical infrastructure to support the use of multiple blockchains and stablecoins, while Visa will handle the payment network.
Mark Nelsen, Global Head of Product at Visa, stated that 'stablecoins enable faster and more flexible financial movements, particularly in international payments.' He added that the partnership with zerohash will allow them to provide stablecoin functionality to their customers on a large scale while maintaining interoperability with existing financial systems.