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 $20.46. 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 $20.82, 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 $21.89 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 $19.15 level and strive to consolidate above this crucial point.
Conversely, Solana’s circulating market capitalization currently stands at $8.25 billion. However, over the past 30 days, it has declined 12.47%.
Featured image from iStock, chart from TradingView.com