Visa’s crypto strategy targets stablecoin settlements

At StarkWare Sessions 2023, Visa’s Cuy Sheffield shared the company’s vision for digital assets.

Payment company

Visa is seeking to build “muscle memory” around settlements, with plans to allow customers to convert digital assets to fiat currencies on its platform, according to a presentation from the company’s crypto division head at StarkWare

Sessions 2023.

“We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments,” Cuy Sheffield said during a fireside chat at the event. Cointelegraph’s team is on the ground in Tel Aviv covering the two-day Ethereum community conference.

There is also the option to change RPC (remote procedure call) providers in response to criticism over the default provider, Infura.

MetaMask Under Fire

In November, MetaMask came under fire after an update by developers ConsenSys. A quietly updated privacy policy said at the time that when using Infura, it will “collect your IP address and your Ethereum wallet address when you send a transaction.”

This sparked a wave of condemnation towards the wallet and its creators, forcing ConsenSys to justify its actions.

According to the executive, global settlement with digital assets and fiat currencies is one of the avenues that Visa is investing in. He specifically stated:

“That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.” The payment giant has been exploring how to incorporate blockchain technology into its existing network to move money faster.