Visa crypto chief bets on stablecoin settlement, sees volumes growing
By Elizabeth Howcroft
PARIS, Jan 14 (Reuters) – Visa is working to integrate stablecoins into existing payment systems, seeing an opportunity to maintain its market leadership as these tokens gain traction, Visa’s head of crypto, Cuy Sheffield, told Reuters.
Stablecoins, cryptocurrencies typically pegged to the U.S. dollar, allow funds to be moved outside traditional banking systems. While their circulation has surged, led by El Salvador-based Tether’s USDT with around $187 billion tokens in circulation, mainstream merchant acceptance remains limited.
Even if new payments systems are built using the technology behind stablecoins, “you still have to come back and connect to the existing merchant acceptance ecosystem…
