Visa announced a partnership today with Circle Internet Financial — one of the firms behind Ethereum-based stablecoin U.S. Dollar Coin (USDC) — to add USDC payment capability into Visa credit cards.
“This will be the first corporate card that will allow businesses to be able to spend a balance of USDC,” Visa's Head of Crypto Cuy Sheffield told Forbes. “And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients.”
Eventually, Visa-supported businesses will be able to send USDC payments internationally to other Visa-supported businesses, according to Forbes. The funds will get converted to the national currency and can then be spent anywhere that accepts Visa.
The partnership also has implications for cryptocurrency wallet providers, 25 of which Visa is already working with through its Fast Track program, a fintech accelerator. Fast Track members will now be able to pilot their own USDC integration initiatives.
Other wallet providers — like Blockfi, which announced yesterday that it would launch a Visa card early next year — will be able to use USDC in the first quarter of 2021, Forbes reports.