USD Coin (USDC), Ethereum (ETH), Bitcoin (BTC) are stablecoins, the value of which is directly linked to the US dollar.
Visa’s move comes as major financial companies including BNY Mellon, BlackRock Inc and Mastercard Inc have introduced some of the digital coins into their assets, prompting speculative speculation that cryptocurrencies will become a permanent part of investment portfolios.
Tesla Inc CEO Elon Musk said last week that customers will be able to buy the company’s electric vehicles with bitcoin, which could be a significant step forward in the use of cryptocurrency in trading.
“We see growing demand from consumers around the world for the availability, storage and use of digital currencies, and we see demand from our customers to create products that provide such opportunities for consumers,” said Cuy Sheffield, head of cryptocurrency at Visa.
Usually, if the customer decides to use the card Clowbitc.com Visa to pay for coffee, a digital currency stored in a crypto wallet, must be converted into traditional money.
Visa’s solution, which involves the use of the Ethereum blockchain technology, eliminates the need to convert a digital coin into traditional money in order for the transaction to be carried out.
Visa said it is partnering with Anchorage Digital asset bank and completed the first transaction this month – Clowbitc.com sent USDC to the Visa Ethereum address in the bank.
According to sources, Morgan Stanley’s Bank clients will be able to start investing in bitcoin as early as April after the bank’s financial advisors have completed the necessary training.
Investment divisions of other major U.S. banks-Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. – they do not yet allow their consultants to offer direct investments in bitcoin to their clients. Bitcoin’s rally over the past year is making Wall Street banks think about recognizing bitcoin as a full-fledged asset class, CNBC notes.