Streamlining Digital Payments with Blockchain
Visa is enhancing its payment network by integrating stablecoin settlements, providing issuers and acquirers across the region with the ability to complete transactions using approved stablecoins like USDC. This move supports 365-day settlement, eliminating delays tied to weekends and holidays, a common issue with traditional banking systems.
This collaboration with Aquanow is a significant step in modernizing the financial ecosystem. By reducing reliance on traditional intermediaries, the integration is designed to simplify and speed up money movement. Godfrey Sullivan, Visa’s head of product and solutions for CEMEA, highlighted that this partnership is key to preparing institutions for the future of financial transactions.
Expansion of Stablecoin Adoption Across Visa’s Global Network
Visa’s efforts in stablecoin payments date back to 2023, when it first piloted USDC settlement. Since then, the company has scaled its stablecoin settlement volume to a $2.5 billion annualized run rate. CEO Ryan McInerney mentioned that Visa plans to expand by adding support for four stablecoins across four different blockchains in the near future, further cementing its commitment to blockchain technology.
In addition, Aquanow’s growing presence in the Middle East and Gulf region strengthens the partnership. The company has already made significant strides, including its August 2024 collaboration with Standard Chartered-backed Zodia Custody to expand in the UAE and surrounding markets. Aquanow also secured a Virtual Asset Service Provider license from Dubai’s Virtual Asset Regulatory Authority, underscoring its role in the regulated digital asset space.
Phil Sham, CEO of Aquanow, emphasized that Visa’s global network provides a secure and efficient platform for money transfers. By combining this with Aquanow’s blockchain technology, the two companies aim to unlock faster and more transparent settlement options for institutions participating in the digital economy.
This collaboration marks another step in the evolution of stablecoin settlement, reflecting a broader shift toward blockchain-based solutions in the payments sector. As institutions seek more efficient alternatives to traditional financial systems, Visa and Aquanow are positioning themselves as key players in the future of digital finance.