Visa Launches Stablecoin Pilot for Faster International Business Remittances
Visa has initiated a pilot program to revolutionize international business remittances using stablecoins. The project, involving select banks, money transfer services, and financial institutions, aims to streamline cross-border payments by treating stablecoins as 'money in the bank'.
The program, using stablecoins USDC and EURC from Circle, allows businesses to pre-fund their Visa Direct accounts with these digital assets instead of traditional fiat money. This approach aims to reduce settlement times from days to mere minutes, providing businesses with faster access to liquidity.
Recipients of these remittances will always receive payment in their local currency, ensuring a seamless transaction process. The goal is to modernize international money transfers, enabling businesses to send payments abroad without holding large sums of cash in advance.
Visa's pilot program, utilizing stablecoins, marks a significant step towards modernizing international business remittances. By reducing settlement times and providing faster access to liquidity, the project stands to benefit both businesses and their recipients worldwide.
