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Visa's new pilot program: companies can directly make payments in stablecoins, with USDC being the first supported.
On November 12, global payments giant Visa announced the official launch of a new pilot program that allows businesses to distribute funds directly to users in stablecoins, initially supporting USDC issued by Circle. The program aims to provide near-instant cross-border payments for creators, freelancers, and gig economy workers. Businesses will distribute funds in fiat, while recipients can choose to receive in USDC. Visa stated that this pilot program, referred to as “breakthrough,” will allow businesses and platforms in the U.S. to distribute funds through Visa Direct with fiat as the source of funds, while recipients can opt to receive funds in the form of USDC. For recipients, this means they can access income more quickly and across borders, which is particularly valuable in regions with significant currency fluctuations or underdeveloped banking systems.