The joint stock company Visa recently announced a collaboration with Circle Unlimited AG. Together, they want to issue a credit card that companies can use to make USDC payments. This could open the door for stable coins quite a bit.
On December 2, Forbes reportedthat Circle will help Visa integrate USDC software into their platforms.
Cuy Sheffield, Visa head of crypto, confirmed the news via Twitter:
Crypto Engine will issue the first USDC affiliated Visa corporate card to enable its corporate customers to spend USDC from their corporate coffers at 60 million merchants.
The support of Circle is of enormous importance, since credit cards in the USA have to be officially issued by a bank. The Fast Track project is scheduled to run until 2021.
Circle is not the first company to participate in this program. Visa is currently cooperating with 25 other crypto wallet providers. Each of these is able to integrate USDC stable coin into their platforms.
Sheffield went on to state:
This will be the first company card that companies can use to issue a USDC balance. We believe this will greatly increase the value USDC can bring to Circle’s business customers.
Visa’s collaboration with Circle, however, also has an impact on the company’s other partnerships. Fast Track members are now able to independently manage their USDC integrations.
Circle deals with various payment solutions for companies. According to statisticsThe demand for stable coins for digital dollars has risen sharply in 2020, which is likely to be the main reason for working with Visa.