Visa bets on stablecoins to speed up businesses' cross-border payments

VISA said on Tuesday it will start testing a new way for businesses to fund international payments by allowing them to use stablecoins instead of pre-depositing cash in local accounts.

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The move signals growing acceptance of these digital tokens among major businesses, who have been emboldened by the United States passing the Genius Act, a law that set clear rules for stablecoin issuers.

“The Genius Act changed everything, It made everything so much more legitimate. Before that regulatory clarity, all the big institutions were sort of on the fence,” Mark Nelsen, head of product for Visa’s commercial and money movement solutions, said in an interview with Reuters.