Global payments company Visa is growing its stablecoin services across Central and Eastern Europe, the Middle East, and Africa (CEMEA). It has also partnered with Yellow Card, a fintech company that works with stablecoins in many African countries.

This move is part of Visa’s plan to use blockchain technology to make payments faster, cheaper, and easier. 

Visa now allows selected banks and payment providers across the CEMEA region to settle transactions using USDC, a stablecoin linked to the US dollar. This new system allows instant international payments using blockchain technology. It lowers costs, improves access to money, and works 24/7 all year. 

Visa started using stablecoins in 2023 with a test program handling over $225 million in transactions. One of the first clients was Crypto.com, which let users spend crypto via Visa cards. 

Initially, the crypto exchange had to convert USDC into regular currency before paying Visa. With the new system, Crypto.com can now settle directly in USDC, cutting out extra steps and saving time and money.

In September 2023, Visa extended this service to merchant acquirers like Worldpay and Nuvei. Now, card issuers can settle with USDC, and merchants can receive their payouts directly in stablecoin.

This came after Visa introduced a new platform in 2021 that allows the transfer of Central Bank Digital Currencies and stablecoins across different blockchains. 

Visa is working with Yellow Card to bring stablecoin services to more African countries. Yellow Card is licensed in many parts of the region and helps people use stablecoins for daily financial needs.

The partnership aims to make it easier for companies to send money and manage their finances. It will also look for better ways to improve business payments. 

In a statement, Yellow Card CEO Chris Maurice expressed that Yellow Card’s partnership with Visa is focused on linking traditional finance with modern digital payment systems. 

Visa’s stablecoin plan is part of a bigger goal: to bring digital money into the global financial system. In 2024, Visa launched the Visa Tokenized Asset Platform (VTAP), which supports both stablecoins and digital versions of bank deposits.

A large bank, BBVA, will test the platform using a stablecoin built on Ethereum. Visa has also invested in companies that focus on stablecoins. In May, the global payment company inked a strategic deal with London-based fintech company BVNK. 

Visa intends to leverage BVNK’s stablecoin payment infrastructure to establish itself in blockchain-based settlement technologies further. Similarly, World Network, tied to the Worldcoin ID project, recently contacted Visa for a stablecoin partnership. It aims to add Visa card features to its crypto wallet.