Cuy Sheffield presented Visa’s crypto strategy for digital assets at StarkWare Sessions 2023. According to a presentation by the president of the business’s cryptocurrency division at StarkWare Sessions 2023, payment company Visa is attempting to develop “muscle memory” around settlements with intentions to enable users to convert digital assets to fiat currencies on its platform.
“We have been experimenting with ways to receive USDC settlement payments from issuers starting on Ethereum and paying out in USDC on Ethereum. So, they are substantial compensation monies,” Cuy Sheffield remarked during a fireside discussion at the event. The two-day Ethereum community conference is being covered in Tel Aviv by the Cointelegraph crew there.
One of the areas Visa is investing in, according to the CEO, is worldwide settlement using digital assets and fiat currencies. He said specifically:
“That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.”
Visa’s crypto strategy Settlement
Settlements still occur in the Society for Worldwide Interbank Financial Telecommunications, or SWIFT system, a not-for-profit cooperative society founded by European bankers to facilitate secure and standardized communication between its members. The payment giant has been investigating how to integrate blockchain technology into its current network to move money more quickly.
Since of a lot of restrictions in those networks, we can’t move money as frequently as we’d want because we’re spread out throughout Swift. We’ve been experimenting, and we made it public. Sheffield said, “We’ve been testing how to collect settlement payments [with stablecoins].
Al Kelly, a former CEO of Visa, recently discussed the company’s plans for private stablecoins and central bank digital currencies (CBDCs) during the company’s annual shareholder meeting. Kelly stated that “stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space, and we have several initiatives underway.”
Sheffield endorsed the organization’s perspective on digital assets and blockchain technology. We’re discussing how to replicate some of the value that Visa offers on top of blockchain rails while using stable boards and traditional bank rails.