According to data from the X account Lookonchain, the 24-hour trading volume of tether on the Tron network has surpassed Visa’s average daily transaction volume. Additionally, despite a general downturn in the crypto economy, tron (TRX) has achieved a 2% gain against the U.S. dollar over the past week. Tron Network’s USDT Volume Hits […]
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VISA’s Stablecoin Payments On Solana Propel SOL To 5% Gain, Bulls Eye Price Breakout
Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain.
According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase.
This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury.
In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces Visa’s commitment to staying at the forefront of digital currency and blockchain innovation, according to VISA’s head of Crypto, Cuy Sheffield.
VISA Expands Stablecoin Settlement Services To Solana
Solana, a blockchain platform known for its scalability, has been chosen by VISA to extend its stablecoin settlement capabilities. With Solana’s existing support for Ethereum (ETH), VISA is leveraging the strengths of both platforms to facilitate efficient and secure transactions.
Per the announcements, VISA aims to enhance cross-border settlement efficiency by leveraging stablecoins such as USDC (USD Coin) and utilizing the global blockchain networks of Solana and Ethereum.
This integration allows users to benefit from the advantages of Solana’s blockchain, such as fast transaction speeds and low fees.
Furthermore, integrating VISA’s stablecoin settlement services with Solana provides increased utility and credibility to the platform and its native cryptocurrency, contributing to the SOL value surge.
Overall, VISA’s decision to expand its stablecoin settlement services to the Solana blockchain signifies the company’s recognition of the potential offered by blockchain technology and digital currencies.
VISA’s selection of Solana as a partner underscores its reputation as a scalable and efficient blockchain platform. The positive market response, as evidenced by the surge in SOL’s price, highlights the growing confidence in the potential of both Solana and stablecoin solutions.
As VISA continues to explore and embrace digital currency innovations, it reinforces the ongoing transformation of the global financial landscape.
Bullish Momentum For SOL
The recent announcement of VISA’s expansion into the Solana blockchain has notably impacted the price of SOL, Solana’s native cryptocurrency.
Since the news broke, SOL has surged by 5.2% in the past 24 hours, currently trading at .46. This surge reflects the market’s positive response to VISA embracing Solana’s capabilities.
In the immediate term, bullish investors will face a key resistance level of .82, which was lost on August 30 after a consolidation period of 15 days following a sharp decline influenced by the overall market trend.
Should bulls successfully overcome this resistance level, the next hurdle to watch out for would be the 50-day Moving Average (MA) at the .89 level. This moving average could act as a further resistance level for the token.
On the downside, if any of these possibilities don’t play out, SOL bulls will need to defend the .15 level and strive to consolidate above this crucial point.
Conversely, Solana’s circulating market capitalization currently stands at .25 billion. However, over the past 30 days, it has declined 12.47%.
Featured image from iStock, chart from TradingView.com
Report Claims Visa and Mastercard Plan to Pause New Partnerships, Visa’s Head of Crypto Insists ‘Story Is Inaccurate’
According to a recent report from sources familiar with the matter, Mastercard and Visa, the credit card and payment services giants, are halting new partnerships with cryptocurrency firms. This news comes after the collapse of several cryptocurrency ventures that offered crypto debit cards and failed due to financial difficulties last year. After the report published, Visa’s head of crypto, Cuy Sheffield, criticized the story as “inaccurate as it pertains to Visa.”
Visa and Mastercard Clarify Their Stance on Cryptocurrency Despite Alleged Partnership Halt
A report published by Reuters on Tuesday states that Visa and Mastercard, two payments firms, are suspending their involvement in cryptocurrency ventures, according to unnamed sources. The sources cited “high-profile collapses” as the reason for the companies’ decision, and noted that discussions about the subject had taken place.
Manya Saini, a Reuters reporter, spoke with a spokesperson for both Visa and Mastercard, and each provided a comment to the journalist. “Recent high-profile failures in the crypto sector are an important reminder that we have a long way to go before crypto becomes a part of mainstream payments and financial services,” explained a spokesperson for Visa to Saini.
According to the Visa spokesperson, the failures do not alter the payment processor’s cryptocurrency and blockchain strategy. The representative for Mastercard stated: “Our efforts continue to focus on the underlying blockchain technology and how that can be applied to help address current pain points and build more efficient systems.”
The cryptocurrency industry has experienced a series of notable collapses and bankruptcies, including several businesses such as FTX, Celsius, and Blockfi, that had issued debit cards. After the collapse of these crypto companies, their debit cards became unusable and were terminated. However, in mid-February 2023, Wirex announced a partnership with Visa, a move the Reuters report appears to contradict. Before the collapse of FTX in late October 2022, Blockchain.com and Visa had partnered to release a crypto debit card.
The Reuters report also included a statement from American Express, which partnered with Abra in June 2022. An American Express spokesperson stated that although the company is interested in utilizing cryptocurrency for reward point redemption, it is not a near-term strategic priority. This position is one that the company has held for some time. “In the near-term, we don’t see crypto replacing our core payment and lending services,” said the American Express representative in an email.
Visa’s Head of Crypto Says Reuters ‘Story Is Innaccurate’
Following the Reuters report, Cuy Sheffield, head of crypto at Visa, tweeted that the “story is inaccurate as it pertains to Visa.” Sheffield stated that Visa continues “to partner with crypto companies to improve fiat on and off ramps as well as progress on our product roadmap to build new products that can facilitate stablecoin payments in a secure, compliant, and convenient way.” The Visa executive added:
Despite the challenges and uncertainty in the crypto ecosystem, our view has not changed that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.
Sheffield further added that anyone “building at the intersection of crypto and payments” for them to reach out. “We’d love to work with you,” the Visa executive added.
What do you think about the Reuters report that claims Visa and Mastercard are pausing new crypto partnerships right now? Let us know what you think about this subject in the comments section below.
Stellar To Power VISA’s New Partnership, XLM Begins Breakout
Stellar follows the general market sentiment with green indicators across the board. XLM’s price seems to be positively reacting to the increase in USD Coin (USDC) liquidity on top of its blockchain. Additionally, the Stellar Development Foundation (SDF) made a potential groundbreaking announcement.
Alongside VISA, Tala, and Circle, one of the companies behind USDC, the cooperation aims to provide access to digital assets in emerging markets. Initially, Tala will enable unbanked users to access this stablecoin in a digital wallet.
Thus, they will be able to make cross-border transactions and access fiat to crypto services. In addition, Visa will issue cards with funds linked to the wallet. In doing so, these users will have the capacity to spend their crypto balance in over 70 million merchants around the world.
Visa has doubled down on their crypto strategy in 2021 and seems like more integrations are to come. The company is exploring new ways to leverage digital assets in its payment platform. The head of Visa’s crypto department, Cuy Sheffield, said the following:
(…) we’ve been really interested to see how they could have the potential to help consumers in markets where they don’t have great access to financial services.
Shivani Siroya, Tala’s CEO, claimed that their main goal is for people to send remittances at a low cost. The Santa Monica-based company has clients in Mexico, Kenya, India, and other countries in the Asian continent. The cooperation with the SDF, Visa, and Circle is Tala’s first jump into the crypto space. SDF’S CEO, Denelle Dixon, said the following on the cooperation:
By working with innovators like Tala mobile, Visa, Circle who share our vision that financial inclusion is a right, not a privilege, we can bring the benefits of tech to emerging markets & take a step closer to our mission of equitable access to the global financial system!
Stellar (XLM) On A Bullish Trajectory
Stellar Lumen native token XLM seems to be positively reacting to this announcement. At the time of writing, XLM trades at ,65 with a 13.4% rally in the daily chart. In the higher timeframes, the cryptocurrency seems more bullish with a 31.7% and 23.4% rally.
![Stellar XLM XLMUSDT](https://www.newsbtc.com/wp-content/uploads/2021/05/Stellar-XLM-XLMUSDT-860x424.png)
Trader Pentoshi took the opportunity to take a long position. The operator believes XLM’s rally has gone unnoticed after it managed to break out of its 680-day range. Pentoshi added the following:
XLM beginning its breakout. There’s little to no resistance built because of the inefficiencies on the moves shown. Probably goes higher than people think because of the 680-day range. Holders outperform traders.
The trader expects XLM to reach a new high in the short term and added: “When something breaks out of a multi-year range. It tends to go much higher than people think”.
![XLM Stellar Lumens](https://www.newsbtc.com/wp-content/uploads/2021/05/XLM-Stellar-Lumens-860x538.jpg)
Here’s Why VISA’s Mentioning of Bitcoin Is Positive For the Space
Pundits of cryptocurrencies and Bitcoin supporters alike all agree, that the biggest barrier to adoption is mainstream acceptance. It won’t be until crypto achieves VISA-level penetration that the asset class has a chance to replace cash.
But how fast does that happen if VISA themselves fully embrace the emerging asset class? Following the payments giant crediting Bitcoin for the birth of digital currencies and a pledge of support, we may soon find out.
Positive Momentum Building For Cryptocurrency Adoption Breakout Into Mainstream Finance
Although it is not reflected in the boring and stagnant price action, things could not be more positive for Bitcoin right now.
The cryptocurrency had a “no such thing as bad publicity” moment recently with a high-profile Twitter hack. Scammers hacked the accounts of Kanye and Kim Kardashian West, Joe Biden, Elon Musk, and several others to promote a Bitcoin giveaway scam.
Price action didn’t even flinch, and the crypto asset simply gained tons of exposure to over 300 million followers.
Related Reading | How Will Crypto Respond To Its Biggest Listing Yet? The United States
Just this week, the United States Office of the Comptroller of the Currency clarified its stance that all national banks could custody crypto assets for their customers. Not only is this essentially Bitcoin’s biggest listing ever, but it paves the way for banks supporting an eventual digital dollar.
Weeks ago, rumors that adoption could soon pick up further if rumors that PayPal and Venmo would offer crypto services come true. According to recent updates that the firm chose Paxos to supply the infrastructure adds credence to the claims.
The exposure of crypto assets like Bitcoin to the brand’s booming user base would do wonders for adoption, but not nearly as much as a major payments powerhouse “advancing its approach to digital currencies.”
VISA Mentions Bitcoin Directly By Name In Latest Report, Credits It For Birth Of Future Of Finance
If at first you can’t beat ’em, join ’em, the saying goes. And that appears to be what’s playing out in the world of finance lately.
Not only are nations in an arms race to debut the first native digital currencies to replace their fiat counterparts, but payments firms are finally catching on to crypto.
Following rumors of PayPal and Venmo preparing crypto buying and selling for the masses, VISA has now mentioned Bitcoin in a new report.
Related Reading | How Lengthening Crypto Cycles Conflict With Halving Driven Supply Theories
In an “innovation” report from VISA called “Advancing our approach to digital currency,” the company directly mentions Bitcoin.
VISA credits Bitcoin for the digital currency movement and asserts its commitment to growing its “network-of-networks to support new forms of commerce,” including cryptocurrencies.
With all of these positive situations stacking up for Bitcoin, the cryptocurrency may finally move from its sideways trading range and begin a new long-term uptrend.
North Korean Dissidents Sell Ethereum-Based Post-Liberation Visas
n The North Korean dissident group Cheollima Civil Defence is selling Ethereum-based visas valid for entering the country after its liberationn
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Who Said What About Coinbase and Visa’s User Payment Dispute
A Visa spokesperson claimed that neither it nor Coinbase were responsible for last week’s charging issue seen by the crypto-exchange’s customers.
CoinDesk
Philippines Banks to Use Visa’s Blockchain Payments Platform
Five banks in the Philippines are teaming up to use Visa’s blockchain-based payment system, according to a report.
CoinDesk
Bitcoin Leaves Visas Market Cap in the Dust
The value of Bitcoin has been making headlines lately, with prices increasing tremendously over the past few weeks. First, the price of the cryptocurrency smashed the ,000 level, hitting a record-high of ,000 a few days later. As of now, the price stands at more than ,000, with the upward trend expected to continue in the coming days. With more and more people trying to get a piece of the Bitcoin pie, the digital currency&8217snRead MorenThe post Bitcoin Leaves Visa&8217s Market
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