Visa Expanding Stablecoin Capabilities via Solana Network Enhances the Credibility of the Crypto Space, According to Industry Professional

Austin Federa, head of strategy at the Solana Foundation, recently noted that firms such as Visa (NYSE: Vexpanding their stablecoin capabilities via the Solana network enhances the perception of the crypto space, which has witnessed numerous scandals and lawsuits during the last few months.

In addition to Visa making this announcement, PayPal recently made the decision to introduce its own stablecoin. It now appears as if these dollar-backed stablecoins could improve cross-border transactions. Moreover, the utilization of stablecoin technology may considerably improve accessibility of more stable forms of currencies and stores of value to citizens of developing or underdeveloped nations.

For instance, in countries like Pakistan, the Pak Rupee has depreciated considerably against more stable fiat currencies. As a result, the nation’s residents no longer have access to reliable stores of value or mediums of exchange. If provided the appropriate infrastructure, the residents of Pakistan and other developing nations may finally get access to better financial services.

When we see big names like Visa, Mastercard, and PayPal enter the nascent crypto space, it gives consumers and businesses more confidence in the potential and ability of the industry to move forward in a progressive manner. Although crypto-assets and their underlying blockchain tech is still in its early stages of adoption, the industry has proven to be quite resilient. During the past few years, we have seen the spectacular collapse of big names such as FTX, Celsius, Three Arrows Capital, among many others.

Despite the large number of scams, hacks, and fraudulent activities, crypto trading remains a popular financial activity throughout the world. However, the industry needs real utility and more practical use-cases if it’s going to establish a solid foundation. Consumers and business organizations are looking for tools that will allow them to gain a competitive edge. Platforms that truly have a meaningful value proposition will be able to effectively meet the demands of the digital economy.

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