Payment company Visa is looking to build “muscle memory” for settlements, with the aim of allowing customers to convert digital assets into fiat currency on the platform, according to head of crypto division Cuy Sheffield at StarkWare Sessions 2023.
“We have tested how to actually receive settlement payments from issuers in USDC since Ethereum and pay in USDC (USDC) in Ethereum. So, this is a settlement payment of great value.”, noted Sheffield in a fireside chat at the event. The Cointelegraph team is on the ground in Tel-Aviv covering the two-day Ethereum community conference.
According to the executive, global settlement with digital assets and fiat currencies is one way Visa is working. He specifically said:
“This has become one of the areas where we want to build muscle memory. The same way we can convert between dollars in euros in cross-border transactions, we must be able to convert between digital tokenized dollars and traditional dollars.”
The payment giant has been exploring how to integrate blockchain technology into its existing network to move money faster, but settlement is still being made in the Society for Worldwide Interbank Financial Telecommunications, or SWIFT system, a non-profit cooperative society formed by European bankers with the aim of facilitating secure and standardized transaction communication between members.
. @cuysheffield and @visa have fallen down the rabbit hole of Account Abstraction!
This is huge! pic.twitter.com/CFniLLBq5C
— Starknet-Ecosystem.com ✨ (@StarkNetEco) February 5, 2023
“We set up everything Swift, so we can’t transfer money as often as we want because there are some limitations that exist in the network. So, we have tried, we announced publicly. we have tried how to correctly receive loan payments [with stablecoins]”, Sheffield explained.
Recently speaking at Visa’s annual shareholder meeting, former CEO Al Kelly briefly shared the company’s plans for central bank digital currency (CBDC) and private stablecoins, stating that “stablecoins and central bank digital currencies have the potential to play an important role in the payments space. , and we have several initiatives underway.
Sheffield confirmed the company’s view of blockchain technology and digital assets. “We think a lot about how to take some of the value that visa provides in the existing bank rail, in the form of existing beyond in the rebuilding that is above the block rail, using a stable place. If we think there is a big opportunity in that area, just keep it develop.”