March 30, 2021
Initially, the USD coin which is a digital stablecoin pegged to the United States dollar started as a token on top of the Ethereum blockchain and two other blockchains which include Algorand and Stellar blockchain. In a recent statement, the payment card network, Visa announced that the transaction will now be settled using the USD Coin (USDC). While Visa already supports 160 currencies across the globe, its partnership with Anchorage means Visa will be adding support for its first digital currency.
Visa’s plan to settle transactions using the USD coin simply means that it can send USDC directly to Visa. Not only that, it can send USDC to Visa’s Ethereum wallet address at Anchorage to settle the transaction. The merchant then gets paid by Visa in their own currency.
For more information, read the original story in Techcrunch
