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Visa moves to allow payment settlements using cryptocurrency

Visa's move comes as major finance firms including BNY Mellon, BlackRock Inc and Mastercard Inc have embraced some digital coins, sparking predictions that cryptocurrencies will become a regular part of investment portfolios.

March 29, 2021 / 02:51 PM IST

Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.

Visa has launched the pilot program with payment and crypto platform Crypto.com and plans to offer the option to more partners later this year, it said.

The USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged directly to the US dollar.

Visa's move comes as major finance firms including BNY Mellon, BlackRock Inc and Mastercard Inc have embraced some digital coins, sparking predictions that cryptocurrencies will become a regular part of investment portfolios.