Payments giant Visa has just launched a pilot project that will allow merchants to use the stablecoin USDC on the Solana blockchain.
The company started testing USDC on Ethereum in partnership with Crypto.com back in 2021.
The company has chosen the Solana network due to faster and cheaper transactions compared to the Ethereum blockchain.
Project partners WorldPay and Nuvei will act as USDC recipients from a Visa account with the stablecoin issuer Circle to interact with merchants.
Jeremy Allaire, CEO of Circle, has said:
"Expanding the pilot exemplifies how pairing USDC with Visa’s innovation opens up the future of payments, commerce and financial applications."
The head of Visa's crypto division, Cuy Sheffield, has said the processing time to transfer money to and from treasury will remain the same.