The international payments technology player Visa has stated that the firm is working towards integrating digital currencies with the existing global network of 61 million merchants with the firm.
Visa is working with two regulated and licensed digital currency platforms, Fold and Coinbase.
Visa has also stated that the emergence of stablecoins or digital currencies backed by fiat is promising the innovation of a new payments solution that will merge the stability of existing currencies such as the U.S. dollar with the advantages of digital currencies.
Visa while elucidating the focus of the company on providing value to people, economies, and businesses regardless of the channel of the currency stated that the firm is reshaping the way money moves across the world which means that there will be pursuing of a wide range of technologies as well as partnerships. In terms of that, the digital currencies are offering a great deal of innovative avenues to the company to continue doing what they do best, which is to expand its network of networks for backing new forms of commerce.
The digital payments firm asserts that the stablecoins’ concept has gained traction that goes beyond fintech firms and now it is also inclusive of central banks and financial institutions.
Customers as well as businesses are adopting digital currencies where there are reports that suggest the circulation of stablecoins in rapidly growing.
The total supply put stands at $12 billion states the latest estimations.
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Tanvi Tirthani, Content Contributor, FintecBuzz
Tanvi Tirthani is a content writer and strategist with a special foray into technology. She has been a keen researcher in the tech domain and is responsible for strategizing the social media scripts to optimise the collateral creation process.
