Visa's New Stablecoin Pilot To Transform How Freelancers, Uber Drivers and Global Gig Workers Get Paid

Key Takeaways

• Visa is piloting a caller fiat-to-stablecoin payout solution.

• The Visa Direct integration is aimed astatine planetary platforms that request to wage users successful antithetic countries.

• The institution pitched stablecoin payouts arsenic an perfect solution for freelancers and gig workers.

Visa is piloting a caller stablecoin payout solution that lets businesses money nonstop transfers with fiat currency.

The steadfast pitched stablecoin payouts arsenic an perfect solution for integer marketplaces and gig system platforms that request to wage planetary workers and businesses. 

Global platforms that request to wage users successful antithetic countries contiguous 1 of the astir compelling usage cases for stablecoins.

Online marketplace operators and gig system firms are often overlooked arsenic outgo companies. Yet payments beryllium astatine the bosom of the integer level concern model.

From Alibaba to Uber, the astir palmy platforms person built their ain outgo systems, collecting wealth from customers astatine 1 extremity and paying sellers oregon work providers astatine the other.

Traditional, interbank outgo rails present friction for operators moving wealth crossed borders. In immoderate cases, payouts tin instrumentality days oregon weeks to process.

In contrast, stablecoin payments settee successful seconds.

Visa’s caller stablecoin integration volition beryllium disposable to businesses utilizing the company’s real-time payments network, Visa Direct.

Companies including Uber, Lyft, and Airbnb already usage Visa Direct for straight-to-card payouts. Now they volition beryllium capable to connection recipients the enactment to beryllium paid successful stablecoins arsenic well.

“Launching stablecoin payouts is astir enabling genuinely cosmopolitan entree to wealth successful minutes—not days —for anyone, anyplace successful the world,” remarked Chris Newkirk, President for Commercial and Money Movement Solutions astatine Visa. 

“Whether it’s a creator gathering a integer brand, a concern reaching caller planetary markets, oregon a freelancer moving crossed borders, everyone benefits from faster, much flexible wealth movement,” helium added successful a connection shared with CCN.

Stablecoin payouts arguably marque the astir consciousness successful emerging markets. 

For level operators, stablecoins connection the committedness of much streamlined treasury absorption and reduced vulnerability to volatile overseas speech markets.

On the different broadside of the equation, recipients summation entree to a unchangeable store of worth that is highly sought aft successful the Global South. (Visa’s solution is focused connected dollar-backed stablecoins, with USDC mentioned successful the announcement.)

In countries with precocious rates of fiscal exclusion, stablecoins could also provide caller opportunities for unbanked workers.

The station Visa's New Stablecoin Pilot To Transform How Freelancers, Uber Drivers and Global Gig Workers Get Paid appeared archetypal connected ccn.com.