Visa Chooses Solana (SOL) Over Ethereum for Stablecoin Settlement Growth

Visa reveals an expansion of its stablecoin settlement system, now leveraging the Solana (SOL) network.

Visa, in its recent announcement, has unveiled a new cross-border payment system leveraging Circle's USDC on the Solana (SOL) network, following a successful pilot with digital asset platform Crypto.com. The payment titan has already processed millions of USDC between its partners via both Solana and Ethereum networks using its renowned VisaNet system.

Visa's crypto lead, Cuy Sheffield, commented, "Utilizing stablecoins such as USDC and global blockchains like Solana and Ethereum, Visa aims to enhance cross-border settlement speeds. This positions us at the cutting-edge of digital currency and blockchain advancements, ensuring swift and economical transactions for our clients."

Highlighting Solana's superior performance, Visa pointed out its high-speed, efficient infrastructure, which catered to the pressing need for a platform offering rapid and cost-effective stablecoin transactions. As a testament to its capabilities, Solana boasts 400 millisecond block times and averages 400 TPS, spiking to over 2,000 TPS during high-demand periods.

Consequently, Visa has recognized Solana as an optimal blockchain choice for its partners seeking to transact USDC settlement payments. This strategic decision places Visa among the pioneering large-scale payment enterprises to actively harness Solana for real-time client settlements.

Since Visa's announcement, SOL has witnessed a nearly 6% surge in its value.

Solana's co-founder, Anatoly Yakovenko, expressed his enthusiasm, saying, "It's exhilarating to see Visa, a payment powerhouse, endorsing Solana. Our infrastructure is primed to support Visa's global clientele.

Sep 06, 2023