Visa Partners with Paxos to Support USDG and PYUSD Stablecoins
Visa Inc. is expanding its involvement in stablecoin payments by partnering with Paxos to support USDG and Paypal USD (PYUSD) on its settlement platform. This initiative aims to enhance transaction efficiency for fintech and crypto companies seeking alternatives to traditional banking.
Key Developments
- New support added for USDG and PYUSD, increasing competition among U.S. stablecoin issuers.
- Visa has previously collaborated with Circle to integrate USDC into its payment system.
- Cuy Sheffield from Visa emphasized the goal of providing diverse options for partners beyond a limited selection of coins.
- Visa processed hundreds of millions in stablecoin payments, reinforcing its commitment to digital currencies.
- Integration extends to new blockchains Stellar and Avalanche, further broadening payment capabilities.
- First introduction of EURC, a euro-backed stablecoin, indicating plans for multi-currency support.
- Visa’s stablecoin integration is now essential to its payment strategy, reflecting confidence in their longevity.
- Market reactions suggest this expansion is significant, especially following regulatory developments like the GENIUS Act.