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The Visa executive in charge of the payments giant\u2019s crypto department says the company is looking at a future where it has several types of blockchain technology under its scope.<\/p>\n
Visa just expanded<\/a> its stablecoin settlement capabilities to the Solana (SOL<\/a>) blockchain, launching a new cross-border money system using Circle\u2019s USDC<\/a>.<\/p>\n In a new blog post, the company\u2019s head of crypto, Cuy Sheffield, references the early days of the internet and says<\/a> that crypto is going through its \u201cbroadband moment\u201d of its history where it finds its footing and advances as a technology.<\/p>\n \u201cBlockchains today share some parallels with the early internet \u2014 particularly more than their fair share of skeptics, hecklers and critics. It\u2019s hard not to hear echoes of the past\u2019s self-certainty whenever an analyst says something like, \u2018blockchains are too slow! Too hard to use! Too expensive!\u2019 or \u2018they don\u2019t have any use cases!\u2019<\/em><\/p>\n Sure, blockchains have been all of those things, and some use cases are more obvious than others. But the internet was once slow, expensive, and hard to use \u2014 and today, it\u2019s fast enough to stream live video from space, cheap enough to be free in a lot of places, and easy enough for a six-year-old to use.<\/em><\/p>\n At Visa, we\u2019ve been on the forefront of payments technology for more than six decades. We saw the potential for the internet in its early days and played a major role in helping it scale and support new forms of commerce. Today, we see significant potential for blockchain networks \u2014 and many possible futures.\u201d<\/em><\/p>\n Sheffield says Visa, which processes nearly four out of every 10 transactions in the world on a daily basis, envisions a future where its networks include crypto technology like stablecoins, and also government-run central bank digital currencies (CBDCs).<\/p>\n \u201cGoing forward, we imagine a future where Visa\u2019s network of networks involves more than just multiple currencies and bank settlement rails, but also multiple blockchain networks, stablecoins, and CBDCs or tokenized deposits. We expect traditional fiat and legacy settlement rails to co-exist with tokenized fiat running over global 24\/7 real time blockchain networks for a long time. And we see our role as a bridge to meet our clients where they are regardless of preferred currency, settlement network, or form factor.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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