Visa enabled USDC stablecoin settlement for its US bank and fintech partners, causing Circle Internet Group (CRCL) stock to rise. This action marks a significant integration of digital currency into the traditional financial system.
The new service allows institutions to settle transactions with Visa using USDC. This settlement occurs specifically on the Solana blockchain.
Initial participants in the program include Cross River Bank and Lead Bank. Visa plans broader availability for the service by 2026.
The announcement spurred a positive market reaction, with Circle’s stock climbing over 3% in pre-market trading. Visa noted that its monthly stablecoin settlement volume has already reached a $3.5 billion annualized run rate.