Visa Teams Up with Solana to Revolutionize Stablecoin Payments

In a groundbreaking move, Visa, a global leader in payment networks, has unveiled an exciting partnership with Solana, a high-performance blockchain platform. This collaboration is set to usher in a new era of faster and more cost-effective stablecoin settlements for Visa’s extensive client base. It signifies Visa’s resolute commitment to modernizing cross-border money transfers and harnessing the potential of digital currencies.

Visa Teams Up with Solana to Revolutionize Stablecoin Payments
Visa Teams Up with Solana to Revolutionize Stablecoin Payments. Image Source: X

Visa has been diligently testing the application of USDC, a widely recognized dollar-pegged stablecoin, to facilitate payment settlement across the Solana and Ethereum blockchains.

Through the clever integration of USDC and Solana, Visa is poised to streamline the often cumbersome and expensive process of international wire transfers. Traditionally, such transfers involve a web of intermediaries and hefty fees. Therefore, this innovative solution a welcome relief for businesses and individuals alike.

Cuy Sheffield, Visa’s Head of Crypto, highlights the transformative impact of leveraging stablecoins and blockchain technologies like Solana and Ethereum. He emphasizes how this strategy will significantly enhance the velocity of cross-border settlements, offering Visa’s clients a modernized, user-friendly avenue to send and receive funds seamlessly.

Image Source: X

Further strengthening this initiative, Visa is collaborating with merchant acquirers Worldpay and Nuvei, which are instrumental in enabling businesses to accept payments from customers and empowering them to utilize USDC for settlements. Worldpay and Nuvei are slated to join Visa’s pilot program in the upcoming months.

Solana Ignites Innovation with Hyperdrive Hackathon and $1 Million in Prizes

In other related news, Solana has kicked off a global hackathon, aptly named Hyperdrive. This exciting event seeks to catalyze the development of novel tools and applications within the Solana network. Running from September 6th to October 15th, Hyperdrive promises participants a shot at winning a staggering $1 million in prizes and seed funding.

Image Source: X

Hyperdrive extends an open invitation to individuals of all skill levels and from around the world. Entrants will have access to a wealth of resources, mentorship, and workshops provided by Solana and its distinguished partners, including Serum, Audius, Metaplex, Pyth Network, Mango Markets, and many more.

The grand prize for Hyperdrive stands at a dazzling $50,000 in USDC, along with tickets to the prestigious Solana Breakpoint 2024 conference. Each track offers additional prizes, and Solana’s partners have special rewards in store. A panel of judges will meticulously evaluate submissions based on criteria such as originality, usability, design, and impact.

The Solana Foundation, unwavering in its commitment to fostering the growth and expansion of the Solana network, views Hyperdrive as a key accelerator for this mission. Furthermore, the hackathon democratically grants anyone with internet access the opportunity to launch their startups on the Solana platform, paving the way for a brighter and more innovative blockchain future.

SOL at Risk of Losing the $19 Support

SOL appears to have calmed the bearish rout recorded at the end of August and into the beginning of September. The $19 support mark has done well to keep bears at bay after the cryptocurrency fell to its lowest point since early July.

SOL/USD Daily Chart from TradingView

But for how long can this support suffice without a bullish reprieve? This question becomes more pressing when the fact that the long-term trend is super bearish is taken into account. That said, we see a good possibility that it could breach the $19 support in the coming days as bears target June lows.

SOL Statistics Data

Current Price of SOL: $19.60

SOL Market Cap: $8B

Circulating Supply: 409M

SOL Total Supply: 556M

SOL Market Ranking: #9

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