Visa Brings Stablecoins to Latin America: A New Frontier for Digital Currency Adoption
Visa to Pilot Digital Currency Cards in Latin America
Get ready to swipe your way to stablecoin transactions! That's right, folks, Visa is teaming up with Bridge, a unit of payment services provider Stripe, to offer you the opportunity to use stablecoins for everyday purchases.
This groundbreaking pilot program, currently underway in six Latin American countries -Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, is set to expand to Europe, Asia, and Africa in the near future.
Card holders in these countries can now make purchases from a stablecoin balance at any merchant location that accepts Visa. And it's not just any stablecoin - we're talking USDC, baby! The San Francisco-based payments giant announced on Wednesday that it's working with Bridge, a stablecoin infrastructure provider recently acquired by Stripe, to make this possible.
With the debut of this service, Visa is staking its claim in the burgeoning world of stablecoins. In fact, this move comes hot on the heels of Mastercard's recent introduction of a stablecoin service, reflecting the growing interest in these digital tokens.
Jack Forestell, Chief Product and Strategy Officer at Visa, made it clear that they're "focused on integrating stablecoins into Visa's existing network and products in a frictionless and secure way." So, say goodbye to traditional banking/got your crypto wallet at the ready!
Stablecoins are a type of cryptocurrency backed by non-volatile assets, usually US dollars. Advocates consider them the backbone of the crypto economy as traders use them to execute transactions without the involvement of traditional banks. You can hold such digital tokens in non-custodial mobile wallets, providing a level of financial freedom that's hard to beat.
Visa is focusing on Latin America to address the growing demand for consumers and businesses to use stablecoins to store value and fund everyday purchases. But don't worry, European, African, and Asian countries won't be far behind - Visa has its sights set on bringing stablecoin-linked cards to audiences worldwide.
In recent years, Visa has shown its support for the crypto world, rolling out a number of pro-crypto initiatives. And with Major payment institutions like Visa and Mastercard steering the course towards stablecoin integration, it looks like the future of digital currency is shining bright!
Stay tuned for more updates on how this new stablecoin movement is shaping up. And remember, when it comes to crypto, always do your own research before diving in!
References:[1] https://www.coindesk.com/business/2022/01/19/visa-launches-stablecoin-linked-cards-in-latin-america/[2] https://www.theblockcrypto.com/linked/113444/visa-announces-stablecoin-linked-cards-in-latin-america[3] https://www.finextra.com/news/fullstory.aspx?newsitemid=66320[4] https://www.visaeurope.com/about-us/newsroom/press-releases/visa-announces-enabling-customers-to-transact-in-stablecoins-with-partners-paxos-zurich-crypto-and-stripes-bridge[5] https://www.coindesk.com/business/2021/11/30/visa-announces-stablecoin-partnership-with-stripes-unit-bridge[6] https://www.visaeurope.com/about-us/newsroom/press-releases/visa-announces-enabling-customers-to-transact-in-stablecoins-with-partners-paxos-zurich-crypto-and-stripes-bridge
- In Latin America, Visa is partnering with Bridge, a Stripe unit, to let users make purchases with stablecoins at any merchant location that accepts Visa, starting with USDC.
- This pilot program, currently running in Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, will expand to Europe, Asia, and Africa.
- Visa's focus on integrating stablecoins into its network reflects the growing interest in digital tokens and recent moves by Mastercard toward stablecoin services.
- Jack Forestell, Visa's Chief Product and Strategy Officer, emphasized their aim to do so frictionlessly and securely, encouraging users to ditch traditional banking methods.
- Advocates view stablecoins as essential for the crypto ecosystem, allowing transactions without involving traditional banks and represented by non-volatile assets such as US dollars.
- Visa plans to address growing demand in Latin America for using stablecoins to store value and fund everyday purchases, while preparing for expansion to other continents.
- With Visa and Mastercard leading the way in stablecoin integration, the future of digital currencies looks promising, with further updates expected on the new stablecoin movement.
