Visa adn Bridge Team Up for Stablecoin-Linked Cards
Visa and Bridge,a stablecoin platform owned by Stripe,are joining forces to introduce stablecoin-linked Visa cards. This new initiative aims to make crypto-backed payments as easy as using traditional cards.
The partnership allows fintech developers to issue Visa cards that tap into stablecoin balances with just one API integration. This simplifies the process for developers and users alike.
Initially, the program will roll out in six Latin American countries: Argentina, Colombia, Ecuador, Mexico, Peru, and Chile.Consumers in these countries can now use stablecoins to pay at over 150 million Visa-accepting merchants globally.
Here’s how it effectively works: users fund their cards with stablecoins,which Bridge converts into local fiat currencies at the point of sale. Merchants recieve payments in their usual currency, avoiding any crypto exposure.
- Users can spend stablecoins via Visa cards.
- Merchants receive payments in local currencies.
- Bridge handles the conversion process seamlessly.
Zach Abrams, CEO of Bridge, highlighted the importance of this development. “This is a game-changer for developers. Peopel are familiar with using cards, and now they can use stablecoins just as easily,” he said.
Jack Forestell, Visa’s Chief Product and Strategy Officer, stressed the importance of integrating stablecoins securely into Visa’s global network. This move offers more financial options to consumers.
Developers can manage card issuance and fund movements programmatically, with Lead Bank as the financial partner.The product is set to expand to Europe,Africa,and Asia in the coming months,reflecting the growing interest in stablecoin-based payments.
For more updates, follow CW (@CW8900).
