Visa is partnering with UK-based stablecoin infrastructure company BVNK to run a Visa Direct pilot program, Cointelegraph reported on Tuesday.
Under the collaboration, some corporate clients will be able to execute prefunded cross-border payments using stablecoins and send digital dollars directly to recipient wallets in selected markets.
Visa has made a strategic investment in BVNK and is seeking to reshape global payment infrastructure through the partnership, Cointelegraph reported.
BVNK said the collaboration with Visa showed BVNK had proven its top-tier technology in intense competition. It stressed that stablecoins have strong potential to reduce payment friction and provide faster and more efficient options.
BVNK is running a limited pilot program for Visa Direct corporate clients and plans to expand further depending on regulatory approval and customer demand.
Chi-gyu Hwang
delight@d-today.co.kr