Visa is apparently exploring accepting stablecoins as payment from the Ethereum network and USDC. Cuy Sheffield, head of Visa's Crypto Division, shared this at a recent conference.
"That's been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross border transaction, we should be able to convert between digital tokenized dollars and traditional dollars."
This could be huge for the crypto industry. As we all know, one of the most difficult things about crypto is getting fiat into crypto and then crypto back into fiat. Imagine being able to pay your Visa bills with crypto. You could use your card(s) to pay for almost anything and then pay the bill with crypto by converting to USDC and paying it off. Essentially, all of your crypto could be used to make payments. There would obviously be a couple steps involved, but it could all be done without a bank account.
You can read the full article here, on CoinTelegraph. A couple of the quotes later in the article are very confusing so I'm not sure how close they are to actually doing something along these lines, but the fact that they have a "Crypto Division" and are obviously spending millions of dollars researching this is a very positive sign in my book.
Am I missing something? Or does this seem like it would be a massive step towards mass-adoption?
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whoa, I didn't see that happening so soon.. :)
I don't really think it would be because most of those stablecoins are centralized. It will help adoption but I just don't think it will completely lead to the result that I would like. I wouldn't be surprised to see them make their own stablecoin or the CBDC.
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I think it would be a massive step towards mass adoption because it will help increase the flow of crypto to different places. Like a stagnant water that finally starts flowing in different directions. I just hope that it wouldn't come with strict terms and conditions.
I agree. Regulators gonna regulate. But making it easy for people to have a real use-case that is basically available anywhere in the world would seem to make adoption more likely. Plus, once they get involved with crypto, many of them will start digging around and find other, better ways of doing things. It's getting them involved in the first place that's the hard part.
This reply is for both comments, yours and olympicdragons since they both bring up the same thing. :-)
Indeed. They're making the hard part easy for us "for profit". Either way, it's good for the space especially in the long term like you outlined above.
Ah, I guess it's obvious. It's good to be first though :)
If can pay using crypto it is good for visa. It will encourage more people to use digital payments. But there be some regulations, so that's the main disadvantage !
That's very big news, Hopefully market will react to it positively. I have also heard Amazon is also thinking to explore blockchain technology. It they do it, It a big win for us. Two big giants of the industry will come our side.
Yes, I used to worry that if the big guns come in it would take away from the potential of Hive and other cryptos. Now I realize that once people actually get in to crypto, no matter where or how, a good percentage of them will realize shortly thereafter that there is much more there and they'll start figuring out how much better Hive is than all of these centralized entities.
If this kind of good news keeps coming then we will see the Bitcoin going higher in the coming days. If it turns out that we will also be able to pay electricity and gas bills through crypto, that's a lot of good news. Pakistan should also regulate it in their country as soon as possible. Thanks for sharing this great news with us.