Visa To Introduce USDC Stablecoin Into Its Own Payment Network

Credit card company Visa has just announced that it has reached new cooperation with Circle Internet Financial, the operator of USDC stablecoin. Earlier this week, the company also established a partnership with BlockFi to provide a bitcoin reward credit card based on 1.5% of the consumption amount. The card will be issued by Evolve Bank & Trust with an annual fee of US$200. However, customers who spend more than US$3,000 within three months of card activation can also receive a bitcoin reward worth US$250.

Closer to home, Visa has reached a new cooperation with Circle Internet Financial this week to integrate the USDC stablecoin into the Visa payment network. USDC is based on the Ethereum blockchain and is currently valued at approximately US$2.9 billion.

Cuy Sheffield, head of Visa’s cryptocurrency business, said that the company believes that this move can create great value for customers and encourage everyone to spend in the Visa merchant network.

“Forbes” reported that Visa is committed to integrating USDC software into its own platform. In addition, as early as October this year, Visa and Coinbase jointly issued a new card, allowing customers to consume digital assets anywhere in the Visa payment network. Earlier in November 2015, Visa also partnered with Shift Payments to enable Bitcoin debit cards.