Visa, the global payments giant, has unveiled its expansion into the world of stablecoin payments, featuring integration with the Solana blockchain, and has initiated collaborations with prominent merchant banks, Worldpay and Nuvei. In a recent X thread, Cuy Sheffield, addressed some of the challenges associated with traditional Visa card transactions. Sheffield explained that Visa's treasury and settlement systems facilitate these transactions. These systems ensure efficient clearing, settlement, and transfer of funds between the consumer's bank and the merchant's bank. This intricate operation is conducted seamlessly across a vast network comprising nearly 15,000 financial institutions.
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