Payment giant Visa has launched a pilot program in the United States that allows businesses funded by fiat currency (such as the US dollar) to send stablecoin payments pegged to the dollar.
Visa announced the pilot program on Wednesday at the Web Summit in Lisbon, Portugal, which allows users of its digital payment network Visa Direct to send stablecoins like USDC directly to cryptocurrency wallets.
The company stated that the pilot program allows recipients to choose to receive funds in stablecoin form, and platforms and businesses in the US can "send payments directly to users, workers, or employees' stablecoin wallets from their fiat-funded accounts."
Chris Newkirk, President of Visa's Currency Flow Solutions, said, "The launch of stablecoin payments is aimed at enabling anyone, anywhere in the world, to access funds in minutes (rather than days)."
Visa indicated that it is "introducing selected partners," and broader use of the service will be launched in 2026.
The company initially targeted the pilot program at businesses operating internationally and those in the freelance or gig economy, which often rely on fast digital payments.
Visa's recent research found that 57% of gig workers prefer digital payment methods to receive funds more quickly.
Visa's latest initiative builds on its growing commitment to blockchain-based settlement and payment solutions.
In July, Visa expanded its stablecoin offerings on its settlement platform by adding Global Dollar (USDG), PayPal USD (PYUSD), and Euro Coin (EURC) on the Stellar and Avalanche blockchains.
In September, Visa Direct began piloting instant transfers using USDC and EURC, making treasury settlements between businesses faster.
Visa's expansion comes as the payment network seeks to leverage new regulatory clarity in the US, following the passage of the GENIUS Act, a landmark bill establishing federal guidelines for stablecoins.
More businesses are entering this space, with banking giant Citigroup exploring stablecoin payments, and Western Union planning to launch a digital asset settlement system on Solana.
Meanwhile, Wall Street banks like JPMorgan and Bank of America are in the early stages of developing their own stablecoin initiatives.
Stablecoin startups have also attracted significant venture capital, with recent deals providing funding to companies active in the stablecoin ecosystem, such as Telcoin, Hercle, and Arx Research.
Related: Bank of England Deputy Governor Breeden warns: Easing stablecoin regulations could jeopardize financial stability
Original article: “Visa pilots fiat-funded stablecoin payment service for US businesses”
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