Visa Deploys Stablecoin Payments in Central and Eastern Europe, Middle East, and Africa, Processing Over $225 Million USDC Since 2023.
Visa has announced the expansion of its stablecoin initiative, deploying stablecoin payment capabilities in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region, and establishing a strategic partnership with Yellow Card – an Africa-wide stablecoin coordination platform.
This move demonstrates Visa's continuous effort to integrate blockchain technology into traditional payment infrastructure, as stablecoins are increasingly accepted as a fast and accessible digital payment tool in emerging markets.
"By 2025, we believe every money transfer organization will need a stablecoin strategy," said Godfrey Sullivan, Senior Vice President of Products and Solutions for the CEMEA region at Visa.
Visa is expanding its stablecoin payment solution to issuers and payment providers in the CEMEA region, enabling cross-border payments in US dollars through blockchain technology. The primary goals include reducing payment costs, optimizing liquidity management, and supporting a continuous 24/7/365 payment process.
Since becoming one of the first major payment networks to support stablecoin payments through a pilot program in 2023, Visa has processed over $225 million in stablecoins through customers using USDC.
From Experimentation to Widespread Deployment
The first customer was Crypto.com, allowing users to spend crypto via Visa card, with spending amounts converted to USDC. Initially, Crypto.com had to convert USDC to fiat to pay Visa. However, they can now pay directly with USDC.
In September 2023, Visa expanded the service from card issuers to payment acceptance providers like Worldpay and Nuvei, allowing them and retailers to receive direct payments in USDC.
The partnership with Yellow Card will focus on exploring stablecoin applications in markets where the fintech is licensed, prioritizing streamlining fund operations and enhancing liquidity management efficiency.
"Together with Visa, we are building a bridge between traditional finance and the future of money flow," said Chris Maurice, co-founder and CEO of Yellow Card. "We aim to continue innovating solutions that can transform how money moves, towards a more secure, efficient, and transparent payment system."
These current initiatives are part of Visa's overall digital currency strategy. Last year, Visa launched the Visa Tokenized Asset Platform (VTAP) to support stablecoins and tokenized deposits. BBVA is preparing to test an Ethereum-based stablecoin through this platform. Visa has also invested in BVNK, a B2B payment company using stablecoins, demonstrating a long-term commitment to digital asset payment infrastructure.
