TL; DR
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Visa wants to use Solana-based USDC stablecoin payments to ensure that these transactions hit user accounts almost instantly (starting with international payments).
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There are currently about 2.9 billion Visa cards in circulation in the world, the users of which will not even know that they are using/supporting the proliferation of blockchain technology (it will all happen in the background).
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These USDC payments are not free: each transaction incurs a network fee (and Visa processes 242 billion transactions per year). The more of this is done on crypto rails → the more money flows into Solana → the higher the SOL price rises (in theory).
Full story
Remember when you started collecting the presents under the tree the week before Christmas as a kid?
You could see them. You could touch them. But you couldn’t open them (unless you dared to incur mom’s wrath).
If you’ve ever run a business, received a credit payment, or waited for an international wire transfer, you’ve experienced something similar.
The money is in your account…but it is ‘PENDING’.
(It takes an average of 1-3 business days for it to be ready).
It is an annoying problem for consumers and a stressful problem for entrepreneurs.
Crypto solves this.
Visa wants to use Solana-based USDC stablecoin payments to ensure that these transactions hit user accounts almost instantly (starting with international payments).
Okay, okay, we know what you’re thinking.
“…payments!? You put payments in the ‘💅 This is cool’ section?? You don’t deserve to wield the coveted nail polish emoji.”
And you make a valid point…
So here’s the fun part about it, broken down into two categories:
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The wider crypto ecosystem
This blockchain integration is like a crypto customization Trojan horse!
There are currently about 2.9 billion Visa cards in circulation in the world, the users of which will not even know that they are using/supporting the proliferation of blockchain technology (it will all happen in the background).
-
The Solana ecosystem
If you are a Solana holder, this is the case Awesome news!
These USDC payments are not free: each transaction incurs a network fee (and Visa processes 242 billion transactions per year).
The more of this is done on crypto rails → the more money flows into Solana → the higher the SOL price rises (in theory).
Not bad. Not bad at all.