Later today, Circle is hosting a live podcast that involves Circle CEO Jeremy Allaire and Visa Head of Crypto, Cuy Sheffield. The discussion will cover the new partnership between Circle and Visa (NYSE:V) that will involve the incorporation of the dollar backed stablecoin USDC.
Circle reports that approximately 3 billion of USDC is now in circulation and they expect businesses around the world to adopt digital dollars or crypto.
A report by Forbes indicated that Visa will not custody the crypto but Visa will work with Circle to select issuers who will then incorporate the USDC software enabling anyone to send or receive USDC – using Ethereum rails. The businesses will eventually be able to send USDC to any business that uses Visa.
The report quotes Sheffield on the partnership:
“We continue to think of Visa as a network of networks. Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”
Visa apparently has already enlisted a good number of wallets that will work with the system.
The integration of USDC should not only speed up the payments/transfer process but can drive costs lower – most importantly for consumers.