Visa Inc. (V) Testing Prefunded Stablecoins to Enhance Cross-Border Payments

Visa Inc. (NYSE:V) is one of the best stocks to buy right now, according to Nancy Pelosi. On September 30, it was announced that the company is testing a pilot program that will enable financial institutions to utilize pre-funded stablecoins for faster and more flexible cross-border payments.

Visa Direct is the company’s real-time platform that will utilize USD dollar- and EUR euro-backed stablecoins to enable fast cross-border payments that don’t tie up cash for extended periods of time. Cross-border payments have emerged as the most popular use case for stablecoins, and Visa has been integrating them into its network since 2021.

“We’re giving this immediate ability to get money to the accounts in real time. It’s a more efficient use of capital so you can deploy it as needed as opposed to having to deploy two or three days worth of money in one stop,” said Mark Nelsen, head of product for Visa’s commercial and money movement solutions.

Visa Inc. (NYSE:V) is a global payments technology company that provides the digital infrastructure and network to enable electronic payments between consumers, merchants, financial institutions, and businesses. It does not issue credit or debit cards but rather enables transactions, ensuring money moves safely and efficiently across its network in over 200 countries and territories.

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Disclosure: None. This article is originally published at Insider Monkey.