Circle aims to democratize USDC stablecoin payments via Visa cards
Bank card giant Visa has joined forces with Circle, the USDC stablecoin Issuer. This partnership will allow you to enter credit cards for sending and receiving payments in us dollars.
Stablecoin USDC is integrated into everyday life
Since October, the cryptocurrency has been compatible with four official blockchains, including Ethereum and Solana. This should allow it to further increase the capitalization of the US dollar, which thus flirts with 3 billion in profit.
To democratize its use, Circle is also counting on the success of its partnership with the global payment giant. Visa is the leading player in the field of banking. The goal is to make USDC transactions compatible with certain credit cards.
These maps should be released in 2021. First, Circle must meet all the conditions of the Visa Fast Track program. “This will probably happen next year,” explains Visa crypto Director Kui Sheffield.
It will allow businesses to send and receive payments in dollars directly from any business or company that uses the card, he said in an interview with Forbes. However, Bank cards, allowing you to make payments via the cryptocurrency, not the news.
But this will be the first time for stablecoin. “This will be the first corporate card that will allow businesses to make any payments with USDC,” says the Visa Executive.
Visa blockchain networks
This partnership is not just an opportunity to develop a stablecoin. It also supports Visa’s growth in the cryptocurrency sector. At the beginning of the week, the payment giant signed an agreement with BlockFi. This agreement will result in the creation of a credit card that is eligible for bonus points in Bitcoin (BTC). But Visa also welcomes a growing number of wallet providers to its Fast Track program. Now there are 25 of them.
“We continue to think of Visa as a blockchain network. Blockchain networks and stablecoins, such as USDC, are complementary networks. Therefore, we believe that Visa can bring significant benefits to our customers by allowing them to access and spend money from our merchants, ” said Kai Sheffield.
All this is because the price of traditional currencies is currently unstable, to put it mildly.
Weak dollar: an ideal scenario for cryptocurrency
The dollar recently hit its lowest level in two years. Conversely, the prices of cryptocurrencies are growing rapidly. Of course, cryptocurrency is a decentralized system. According to bill noble, chief analyst at Token Metrics, a weak dollar is a “crypto dream scenario.”
Bitcoin and other cryptocurrencies are an integral part of the trading market, and behave like any other currency. It rises when the dollar falls.
A weak dollar is good for investment. The American consumer sees it differently. Prices for essential goods and real estate will continue to rise. Thus, with the same budget, the consumer will be able to buy fewer things. Consequently, the fall in the value of the dollar leads to a fall in their purchasing power.
As a result, the American consumer should be even more tempted to invest in cryptocurrency to protect their savings. Inflation has often caused a surge in interest in cryptocurrencies. This is observed (on a larger scale) in countries that are severely affected by inflation, such as Venezuela, Turkey, Iran, etc. In addition, investing in cryptocurrency has never been so easy. Now, for example, you can manage your crypto assets in your PayPal account.
For many economies, the dollar will continue to decline, which should stimulate the explosion of PTS and cryptocurrencies. Interaction between the traditional and crypto markets is inevitable, a striking example of which is Visa’s partnership agreement with Circle, the USDC stablecoin Issuer. On the one hand, the integration of digital currencies, and on the other, an attempt to strengthen the position of the traditional currency.