A Visa card (photo illustration).
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STRF / STAR MAX / IPx / AP / SIPA
Visa will accept USD Coin, a stablecoin or cryptocurrency whose price is backed by a currency, to settle the transactions of some of its cards, the payment card issuer announced on Monday, causing the price of bitcoin to jump. .
"Visa will be experimenting with Crypto.com, one of the largest virtual currency platforms, and intends to offer payment in USDCoin to other partners later in the year," the group announced in a statement.
Both companies already offer cryptocurrency payment cards.
But for now, if a user pays for any purchase with their virtual currency, Crypto.com has to convert that amount into dollars to confirm the transaction with Visa, which increases the costs.
Stock market regulators warn
USDCoin is based on the network of the second largest cryptocurrency, ethereum.
But bitcoin was also taking advantage of this new sign of the adoption of cryptocurrencies by traditional finance.
"The world is getting into crypto, and it would take a few more Wall Street announcements" to keep pushing prices up, commented an analyst at Oanda.
While the price of bitcoin has skyrocketed since the end of 2020, going from less than $ 20,000 in November to a peak in mid-March of $ 61,742, several US financial giants, such as Morgan Stanley or Black Rock, have announced that they are offering their clients to invest in this asset.
Stock market regulators continue to warn of the danger of buying these volatile products.
Stablecoins are of particular concern to central banks and governments, who take a dim view of an unregulated financial product presenting itself as an alternative to currencies.
"The G7 continues to maintain that no global 'stablecoin' project should start working until it has adequately met legal and regulatory requirements," G7 leaders said in October.
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