American multinational financial services corporation Visa Inc., is integrating its payments network to the USDC stablecoin, Forbes has learned.
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As part of the partnership, Circle joined Visa's Fast Track program, focused on fintech innovations. Thanks to the partnership, businesses will be able to send USDC payments to any business supported by Visa.
It is also expected that Visa will issue a credit card specifically focused on operations with USDC in 2021. Cuy Sheffield, Visa Head of Crypto, says this will be the first, corporate card that will allow businesses to be able to spend a balance of USDC.
"And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients," Sheffield added.
According to Forbes, Visa will not custody USDC tokens, but will rely on the stablecoin issuer. Meanwhile, iHodl reported that the Centre Consortium, a joint venture focused on adoption of the USD Coin stablecoin, appointed David Puth, a Wall Street veteran, as its new Chief Executive Office.
As Centre's CEO, Puth will focus on expanding the consortium globally, an official announcement says. Puth will be working on including leading fintechs and financial institutions into its network. He will also lead the effort to support the adoption of USDC on various blockchain networks.
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