Visa will provide a credit card that allows companies to make and get payments with the digital currency via the card once Circle graduates from Visa’s Fast Track initiative. Ultimately, firms will have the capacity to spend those funds with any firm that takes Visa after they are changed to fiat.
“This will be the first corporate card that will allow businesses to be able to spend a balance of USDC,” Cuy Sheffield, head of crypto at Visa, said in the report. Sheffield noted that the company believes the move will very much heighten the possible utility of USDC for the corporate customers of Circle.
Visa itself will not custody the cryptocurrency. As it stands, the payment firm has onboarded 25 digital currency wallet companies with its Fast Track program such as Cred and Fold.
“We continue to think of Visa as a network of networks,” Sheffield said, according to Forbes. “Blockchain networks and stablecoins, like USDC, are just additional networks.”
The functionality lets users pay with digital currency if they wish to, or through wire transfers or credit cards.
CEO Gil Hildebrand said in an announcement that the firm was excited about bringing digital currency into the billing workflow.
“Every day, we speak with businesses that are eager to accept crypto but find themselves at a crossroads for one reason or another,” he said in the release. “Gilded makes it super easy to enjoy the benefits of crypto without having to abandon an entire way of doing business.”
Gilded users can harness other platforms such as QuickBooks to make payments with digital currency through the new program.