Credit card giant Visa (V) is launching a cryptocurrency payment card tied to Circle's USDC ($USDC-USD) stablecoin.
The new stablecoin card is being launched in conjunction with privately held cryptocurrency debit card firm Baanx. The new Visa card enables holders to spend USDC directly from their crypto wallets, using smart contracts to move a stablecoin balance upon card authorization from the consumer to Baanx in real-time.
Baanx will then convert the balance into fiat currency for payment, according to a joint news release issued by the companies. Stablecoins are cryptocurrencies whose underlying value is pegged to another asset, typically the U.S. dollar or price of gold. USDC is pegged to the American currency.
Allowing people to manage their money on-chain with the help of major card networks such as Visa is a fast-growing segment within crypto. Baanx, a firm that specializes in crypto debit cards, is also working with Visa rival Mastercard (MA) on a card that's linked to digital wallets.
Baanx's stablecoin-linked Visa card promises a global reach with low-cost cross-border payments. "We're giving people the ability to hold and spend USD-backed stablecoins seamlessly -- in a self-custodial, real-time way -- anywhere Visa is accepted," said Baanx in the news release.
V stock has gained 9% this year.
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