Visa Unveils Stablecoin-Backed Credit and Debit Cards

output: Quick take:

Visa is advancing its global payments with new features and products, including an AI-powered consumer shopping experience and payment products Visa Pay and Visa Accept.

However, its stablecoin-backed credit and debit cards are perhaps the highlights for the crypto-natives.

Visa said it partnered with Stripe’s Bridge to launch a product that allows developers to offer stablecoin-backed Visa cards.

The product will initially launch across six countries in Latin America, including Argentina, Colombia,

Ecuador, Mexico, Peru, and Chile.

Cardholders will be able to make purchases using stablecoins “at any merchant location that accepts Visa,” while merchants will get paid in their local currencies.

“We’re focused on integrating stablecoins into Visa’s existing network and products in a frictionless and secure way. Partnering with Bridge represents a significant move in helping to make stablecoins usable in everyday life, giving consumers more choice in how they manage and spend their money,” said Jack Forestell, Visa’s chief product and strategy officer.

Abrams added that bringing together stablecoins with traditional finance in a way that unlocks value for developers.

“Integrating stablecoins with Visa’s global payment network is a massive unlock for developers who want to build crypto products that consumers will love and use every day.”

One of the companies that were first to launch such a product is the digital payments company Baanx, which introduced USDC stablecoin cards with Visa.