Stablecoin issuer, Circle has joined Visa’s Fintech Fast-Track program, which is designed to help fintech businesses scale up with support from Visa’s experts and resources.
Collaborating with such a payment giant allows Circle to access Visa’s growing partner network and introduce new crypto-friendly payment experiences. Moreover, it helps the firm promote ‘the full range’ of Circle platform functionality to improve its payments and settlement services and act as an easy on and off-ramp from fiat to cryptocurrencies.
This collaboration centers around the adoption of Circle’s USD Coin (USDC), a stablecoin pegged to the US dollar, which has its ecosystem already integrated into more than 100 exchanges, platforms, apps, and service providers.
Acting as a sort of safe haven where crypto traders can park their assets in volatile markets, USDC is an Ethereum-based ERC-20 coin, which makes it easy for wallets, exchanges and other smart contracts to interact with the token.
Circle will also open the doors of its stablecoin to businesses with a dedicated account that provides a toolbox of APIs to allow developers to build on top of USDC. The move expands the reach of the offering that is primarily focused on retail trading and investing to appeal for B2B partnerships.
Circle Taps Visa Direct
“For example, a global e-commerce marketplace will be able to identify USDC compatible wallets in their region that have approved Visa card programs connected to them. The marketplace will be able to provide their sellers with the option to receive payouts in USDC to one of these Visa partner wallets,” Circle explains.
“Stablecoins like USDC represent a promising payments innovation and provide an emerging platform for fintechs and digital wallets to enable new payment flows. We are excited to partner with industry leaders like Circle to help connect Visa’s clients to the growing USDC payments ecosystem,” said Cuy Sheffield, Head of Crypto at Visa.
Visa Direct makes it faster for cryptocurrency users to sell their digital assets and push those funds to their Visa credentials in real-time, with much of this work happening through its FastTrack program.
This should help Circle and similar providers cut out middleman costs and intricacies when it issues branded debit cards that enable users to spend their cryptocurrencies anywhere Visa is accepted.