Visa becomes the first major payments network to support the USDC stablecoin and will settle transactions on the Ethereum blockchain
Visa announced that it is the first major global payments network to directly support the USD Coin (USDC) stablecoin, enabling settlement of transactions on the Ethereum blockchain. This move represents a notable bridging of digital assets and traditional payment infrastructure.
In a press release, Visa explained that accepting USDC directly will create new connections between cryptocurrencies and fiat currencies. Previously, Visa’s settlement process relied exclusively on fiat currencies, which required crypto platforms to convert funds into fiat for settlement.
To launch the capability, Visa is piloting the service with Crypto.com and plans to expand the offering to additional partners later in the year. The pilot is intended to test operational flows and gather feedback from partners and regulators before broader deployment.
Under the pilot, Crypto.com will be able to send USDC coins directly to Visa for settlement, avoiding the prior need to convert transactions into fiat currency. This change can simplify operations and reduce costs for crypto platforms that settle with Visa.
Visa’s Chief Product Officer Jack Forestell described the announcement as a significant milestone: “This marks a major advancement in our ability to support fintechs that run their businesses with stablecoins or cryptocurrencies. It’s an extension of our daily role securely facilitating payments across different currencies around the world.”
Crypto.com co-founder and CEO Kris Marszalek welcomed the development, noting that enabling easier on-ramps and off-ramps for digital assets helps millions of consumers globally access and use cryptocurrencies. Direct interaction between Visa and crypto assets is expected to streamline user experience for customers and partners.
For settlement services, Visa will work with crypto-native bank Anchorage as its settlement agent. Under the arrangement, Crypto.com would transfer USDC to an Ethereum address held by Anchorage on Visa’s behalf. Visa said it will continue to coordinate with partners and regulatory stakeholders while expanding the capability to additional clients in the coming months.
This initiative reflects a broader industry trend toward integrating regulated stablecoins into mainstream payment rails. By testing USDC settlement on Ethereum, Visa aims to combine the speed and programmability of blockchain-based assets with the scale and security of established payment networks. As the pilot progresses, Visa and its partners will likely refine technical, compliance, and operational processes to support wider adoption.
As the industry evolves, direct settlement in stablecoins could reduce friction and cost for crypto-native businesses and their customers, while offering payment networks a new way to support digital asset flows without replacing existing fiat rails. Visa’s pilot with Crypto.com and Anchorage will be watched closely by financial institutions, crypto platforms, and regulators as a potential model for future integrations between traditional finance and blockchain-based payments.