Visa expands stablecoin offerings amid rising competition from institutions
Main Idea
Visa, Mastercard, tech firms, and banking institutions are increasingly adopting blockchain technology for payments and settlements, with a focus on stablecoins and expanding support for various blockchain networks.
Key Points
1. Visa and Mastercard are exploring blockchain technology for payments, including support for stablecoins like USD Coin and new blockchain networks such as Stellar and Avalanche.
2. The total stablecoin market cap has grown to over $256 billion, reflecting increasing adoption and competition among issuers.
3. Major companies like Walmart, Amazon, and Bank of America are exploring or implementing stablecoin solutions for payments and transactions.
4. JPMorgan has partnered with Coinbase to enable rewards points conversion to USDC, highlighting growing institutional involvement in stablecoins.
5. Stablecoins are seen as disruptive to legacy financial systems, with payment processors and banks actively integrating them into their services.
Description
Visa, Mastercard, tech firms and banking institutions are all exploring ways of using blockchain technology for payments and settlement.
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