Visa's Head of Crypto Explores CBDCs, Stablecoins, and Blockchain Networks
The executive leading Visa's cryptocurrency division discusses the company's vision of embracing various blockchain technologies in the future.
Visa has recently expanded its stablecoin settlement capabilities onto the Solana (SOL) blockchain, introducing a new cross-border financial system powered by Circle's USDC.
In a blog post, Cuy Sheffield, Visa's Head of Crypto, draws parallels between the current state of blockchain technology and the early days of the internet. He likens this period in cryptocurrency's evolution to its 'broadband moment,' where it's finding its footing and advancing as a transformative technology.
Sheffield acknowledges the skepticism surrounding blockchains today, akin to the early doubts about the internet's capabilities. He notes that while blockchains have faced challenges like speed, usability, and cost, the internet overcame similar obstacles, evolving to enable remarkable feats like streaming live video from space.
Visa, a pioneer in payment technology for over six decades, sees substantial potential in blockchain networks. Sheffield envisions a future where Visa's network incorporates cryptocurrency technologies, including stablecoins and government-issued central bank digital currencies (CBDCs).
He emphasizes Visa's role as a bridge, serving clients regardless of their preferred currency, settlement network, or form factor. This future vision involves traditional fiat, legacy settlement rails, and tokenized fiat operating on global 24/7 real-time blockchain networks, coexisting to facilitate seamless transactions.
Sep 07, 2023
