Bitcoin, the largest cryptocurrency by market value, started the week with a bullish sentiment. It is trading at $57,750. The crypto asset has grown by 4.91% in the last 24 hours. Today, the price of BTC has risen just over $3,000 since Reuters reported Visa’s decision to allow the use of the USDC stablecoin to settle transactions on its payment network.
USDC is the second-largest stablecoin, with a market capitalization of approximately $11 billion. According to Reuters, by adding support for stablecoin, Visa has eliminated the need to convert cryptocurrencies into traditional money to settle transactions on its network.
The latest Visa news comes five days after Tesla CEO Elon Musk tweeted that it would accept Bitcoin as payment for its cars. At the time, BTC jumped from $54,700 to over $56,000.
Bitcoin, Ethereum, and The Rest of The Market Rise
Similar to Bitcoin, other cryptocurrencies are also on the rise with quite modest earnings.
Such is the case of currencies such as Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Ripple’s XRP, Uniswap (UNI), THETA, Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Stellar (XLM), Crypto.com (CRO), Solana (SOL), and more. They have seen gains between 2% and 7% yesterday.
However, the most notable cases are Klaytn (KLAY) and Kusama (KSM). They are on the rise with gains of 22% and 15% respectively.
Visa Completes First Crypto Transaction Using USD Coin (USDC)
Earlier today, Visa announced that it would be piloting a program. According to Reuters, this program will allow its partners to use the crypto USD Coin to settle transactions on its payment network.
Cryptocurrencies have gained such relevance that one of the world’s leading payment networks has established a new bridge. They want to connect the crypto market with the traditional world.
Visa announced its partnership with crypto exchange Crypto.com to offer a cryptocurrency settlement system for fiat transactions later this year, specifically through the crypto USD Coin (USDC).
Visa eliminates the need to convert digital currencies into traditional money with the latest program before transactions. It is a bridge that connects both worlds by reducing complexities and transaction costs.
Cuy Sheffield, the head of the crypto at Visa, assured that his clients are in high demand for crypto products.
Without a doubt, the news of Visa represents the latest milestone within this crypto market.