Visa’s Stablecoin Solution: Empowering Mainstream Adoption of Crypto Payments

Global payment giant, Visa, has announced its new initiative to boost the adoption of public blockchain networks and stablecoin payments through its upcoming crypto product. Cuy Sheffield, the head of crypto at Visa, announced via Twitter on April 24.

We have an ambitious crypto product roadmap @Visa and just opened a few reqs for senior software engineers to help us drive mainstream adoption of public blockchain networks and stablecoin payments. https://t.co/UQRJNcOJtB

— Cuy Sheffield (@cuysheffield) April 24, 2023

According to Sheffield, Visa designed its new crypto product to revolutionize the digital commerce experience and drive mainstream adoption of stablecoin payments.

Moreover, the company is currently seeking to hire software engineers experienced in programming, backend systems, and Web3 technologies to develop the product.

Sheffield noted in the tweet: 

Particularly interested in experience using Github Copilot and other AI assisted engineering tools to write and debug smart contracts.

In a job posting released on April 20, Visa noted that it is building the “next generation of products” for the digital commerce of everyday life.

Additionally, a solid grasp of layer 1 and layer 2 solutions as well as expertise in building smart contracts using the programming language Solidity is cited by Visa as requirements for the position.

Solidity is a programming language used specifically for the Ethereum Network. Smart contracts on blockchain platforms use it to generate a chain of transaction records.

Visa has been gradually expanding its crypto offerings. In 2020, the company made a major move into the crypto industry. It partnered with Circle, a blockchain firm, to support the USD Coin stablecoin on certain credit cards.

Due to the 2022 crypto bear market and major industry failures such as Celsius and FTX, the company has delayed several new industry collaborations.

Visa’s Commitment To Stablecoin Adoption

Visa’s commitment to stablecoin adoption is a significant step towards the mainstream adoption of cryptocurrencies. As one of the world’s largest payments companies, Visa’s entry into the crypto industry can significantly impact the crypto market.

Stablecoins are gaining popularity in digital commerce due to their benefits, including decentralization, security, and privacy. Unlike volatile cryptocurrencies like Bitcoin, stablecoins also provide price stability.

Related Reading | Unsustainable Growth Of Bitcoin Poses Security Threat, Says Analyst

Visa’s new crypto product is expected to drive the mainstream adoption of stablecoin payments and public blockchain networks. Its focus on Github Copilot and AI-assisted engineering tools could lead to the development of new and innovative blockchain solutions.