Global payment giant, Visa, has announced a new cryptocurrency-related project focused on stablecoin payments.
The initiative is designed to drive mainstream adoption of public blockchain networks and stablecoin payments. Visa’s head of crypto, Cuy Sheffield, announced the project via Twitter on April 24th, noting that the company has an ambitious crypto product roadmap and has opened several requisitions for senior software engineers to help drive mainstream adoption of stablecoin payments.
The company is seeking to hire software engineers focused on programming, backend systems, and Web3 technologies to build the next generation of products that will facilitate the digital commerce of everyday life.
Visa’s new product development is particularly interested in experience using Github Copilot and other AI-assisted engineering tools to write and debug smart contracts.
Among the preferred applicant qualifications, Visa has listed a good understanding of layer 1 and layer 2 solutions alongside experience with writing smart contracts using the programming language Solidity, which is used to create smart contracts on blockchain platforms.
Visa‘s new initiative requires a good understanding of public and permissioned distributed ledger networks, security protocols, private key custody, as well as new Ethereum enhancements such as ERC-4337.
The move is expected to be significant for the cryptocurrency industry, as stablecoins have become increasingly popular in recent years due to their stable value. With Visa’s endorsement, stablecoins are expected to become even more mainstream, further driving the adoption of cryptocurrencies.
Visa has been gradually expanding its crypto offering since it made a major move into the crypto industry in 2020 by partnering with the blockchain firm Circle to support the USD Coin stablecoin on certain credit cards.
However, the company halted some new industry partnerships due to the crypto bear market of 2022 and major industry collapses like Celsius and FTX.
Visa’s move into the stablecoin market could reduce the volatility of the cryptocurrency market, encouraging more merchants to accept cryptocurrencies, further driving the adoption of the technology.
Visa’s new product development is a significant development for the cryptocurrency industry and reflects the growing interest in cryptocurrencies among mainstream financial institutions.
Although there are still regulatory hurdles to be overcome, many financial institutions are exploring the potential benefits of blockchain technology and cryptocurrencies.
Visa Crypto Stablecoin Project
With Visa’s move, it is likely to encourage other companies to follow suit, further driving the adoption of cryptocurrencies and blockchain technology.
The move also raises questions about the future of traditional fiat currencies, but many experts believe that traditional currencies will continue to play a vital role in the global economy, even as cryptocurrencies become more mainstream.
Visa’s announcement is a clear indication that the world of finance is evolving rapidly, and cryptocurrencies are set to play an increasingly important role in the global economy.