BREAKING: Visa Brings Stablecoin Settlements To Solana

After a relatively rough 2 years of crashes and bugs, the Solana blockchain is racking up notable partnerships.

The latest of these partnerships is between Solana, Worldpay, and Nuvei to bring stablecoin settlements to Visa’s merchant payment network.

According to the recent announcement, the entities have successfully conducted a series of tests that involved moving USDC between accounts using Visa.

Solana announced the partnership in this recent X post:

2/ Visa’s addition of the Solana blockchain follows months of extensive research and evaluation of infrastructure that helps bring:

⚡Speed of finality
🪙Negligible costs
⏫High throughput
🗺️Decentralization

Read more from @FortuneMagazine: https://t.co/4oGU3yR0F0

— Solana (@solana) September 5, 2023

4/ Visa’s pilot program expansion to Solana demonstrates that stablecoins like USDC can play a role in the existing payments ecosystem & that there is real demand for enterprise-grade decentralized blockchain infrastructure.

More about payments on Solana: https://t.co/lHcsIzTtx8

— Solana (@solana) September 5, 2023

The Block provided this statement from Cuy Sheffield, Head of Crypto at Visa:

“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.”

One analyst provided technical analysis for Solana and believed that the recent partnership between Visa and Solana will lead to a breakout in price.

BREAKING: #Visa will now use #Solana stablecoin payments on its Cross-border payments!

2 weeks ago, Shopify adds #Solana Pay to its platform to allow Crypto payments! $SOL breakout 👇 pic.twitter.com/I5mzATIk2K

— CryptoBusy (@CryptoBusy) September 5, 2023

The DeFi Investor, a popular crypto influencer, claimed that this and recent developments bode well for the Solana network.

“First Solana Pay integrated with Shopify. Then MakerDAO Founder proposed to use Solana codebase for Maker appchain. And now Visa added support for Solana. Good news for SOL keeps coming.”

First Solana Pay integrated with Shopify.

Then MakerDAO Founder proposed to use Solana codebase for Maker appchain.

And now Visa added support for Solana👀

Good news for $SOL keep coming. pic.twitter.com/15UTGP14gE

— The DeFi Investor 🔎 (@TheDeFinvestor) September 5, 2023

Bitcoinist explained:

The blockchain has experienced a 12% drop in its circulating market cap and a 4% loss in its 30-day revenue, while its native token, SOL, has declined by 16% in the past 30 days.

However, the blockchain maintains a 20% gain on its annualized revenue and annualized fees.

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