Visa has moved its Visa Direct stablecoin pilot into production with Inyo Global, a payments infrastructure firm. The service lets businesses prefund payouts with USDC around the clock across more than 180 countries.
Visa announced on Thursday that it moved its stablecoin payments pilot into a production phase, bringing Visa Direct capabilities to market with Inyo Global, a Massachusetts-based payments infrastructure company.
Inyo Global would serve as the middleman
Inyo Global would serve as a key middleman, allowing other companies to use Visa Direct to prefund payouts 24/7 with USDC, manage liquidity more efficiently and use Inyo's rails to complete their operations. The rollout will power cross-border payments in over 180 countries where Inyo Global operates.
According to Visa, Visa Direct enables fiat-to-stablecoin cross-border payments, with recipients receiving dollar-pegged assets in real time in markets where payment infrastructure lags.
Vira Platonova, Global Head of Visa Direct, said the company has seen its partner efforts turn into live implementations. According to Platonova: "starting with Inyo Global as our first enabler", Visa Direct is now helping businesses fund and move money globally.
Inyo targets institutional customers
Robson Dantas, chief product and technology officer and co-founder at Inyo Global, said the integration gives money transmitters, fintechs and payment companies a new way to fund payouts. He said the option is available around the clock and runs through the same Inyo APIs those customers already use.
Visa's stablecoin volume climbs
Visa has been approaching stablecoins for some time. It recently reported that stablecoin settlements on its network reached a $20 billion annualized run rate, a 15x increase from the levels registered a year before.
In September, Visa completed its first stablecoin settlement with Lloyds Banking Group, receiving $750K in USDC from the bank in a seven-day pilot that operated when traditional banks are closed.
Source: Bitcoin News
Trading involves risk.
Risk Disclaimer
