On Wednesday, Visa announced the launch of a new pilot that leverages dollar-backed stablecoins to pay gig workers.
The pilot lets marketplaces pay recipients in the US directly into their stablecoin wallets, using cryptocurrencies such as Circle’s USDC.
“Launching stablecoin payouts is about enabling truly universal access to money in minutes — not days — for anyone, anywhere in the world,” said Chris Newkirk, Visa’s president of commercial and money movement solutions.
The pilot is powered by the payment company’s Visa Direct product. Visa Direct leverages the company’s vast network of users and businesses to send money to people in 30 minutes or less.
Visa added stablecoin capabilities to the service in September.
Visa’s crypto turn
Visa, which counts over 4 billion account holders and more than 130 million participating merchants, has increasingly turned to crypto-based technologies to enhance its product suite.
In April, the company announced a partnership with stablecoin company Bridge that would let fintech companies issue Visa cards that draw from stablecoin balances. Payment processing giant Stripe acquired Bridge in February for $1.1 billion.