Visa Launches Stablecoin Payments in Latin America

Visa is expanding its services to include stablecoin payments in six Latin American countries, starting with Mexico and Argentina. This initiative aims to leverage the growing adoption of stablecoins as a hedge against economic volatility in the region. The service will allow individuals, such as freelance workers receiving US dollar payments, to seamlessly convert their wages into stablecoins and use Visa-branded cards for purchases at local stores or online. Merchants will receive payments in their local currency instantly, simplifying transactions. The service will initially utilize USDC, a stablecoin backed by Circle and Coinbase, but plans to incorporate other stablecoins and blockchain technologies in the future. The partnership with Bridge, a fintech company acquired by Stripe, will allow for flexible and open-ended payment processing, enabling third parties to develop their own stablecoin applications. This move is particularly significant for businesses in areas with limited fintech infrastructure, allowing them to create financial products similar to popular apps like Chime or Cash App. Visa's initiative is poised to normalize the use of stablecoins for everyday transactions in Latin America, potentially improving financial inclusion and access to financial services in these emerging markets. The launch is expected within the next few weeks, marking a significant step towards mainstream cryptocurrency adoption. This development holds particular relevance for communities struggling with economic instability, offering a more stable and accessible financial solution. The focus on stablecoins, unlike previous ventures into more volatile cryptocurrencies like Bitcoin, minimizes risk for both consumers and merchants, fostering trust and wider adoption.

(Source: https://bitcoinist.com/visa-unveils-stablecoin-payment-options/)