Visa published a stable currency service platform for institutional clients, which seeks to integrate distribution, foreclosure, wallet and fund management into existing payment processes. The platform ' s main service banks, financial science and technology companies and payment service providers are open to selected test clients and then expanded.
Platform integration of distribution and settlement processes
In a blog post, Visa states that the platform is called Visa Stablecoin Platform, short VSP. The platform places stable currency found, foreclosures, wallet infrastructure and funds management in the same enterprise system, without the need for the institution to build its own full infrastructure at the bottom of the block chain.
According to Visa, VSP has direct access to existing payment and settlement processes. The agency can complete the issuance, holding, transfer and management of a stable currency within the same system, with the accompanying transaction approval control and audit record functions.
Initial support for Open USD
VSP supports Open USD on line. This is the stabilization coin launched by the Open Standard Alliance in June this year. According to reports, Visa has also integrated USDGs from USDC and Paxos, previously supported under the Circle flag, into the relevant stable currency product system.
The Platform also currently provides for wallet management, transfer of funds and the interface with the existing financial and settlement systems of the enterprise. According to Visa, these designs were designed to allow financial institutions to use a stable currency without modifying the entire technical architecture.
Visa's business is continuing to stabilize.
Visa has continued to expand the stable currency layout in recent months. Last October, this payment company released a study that suggested that a stabilization currency could bring some of the global credit market activities into a block chain. Visa mentioned at the time that stable currency lending had exceeded $67 billion over the past five years.
In March this year, Visa joined Canton Network as the first major payment company to participate in the network as a super-certifier. This role is mainly geared towards the use of stable currency by banks in payment, settlement and financial management.
In April this year, Visa extended the stabilization currency settlement plan to Base, Polygon, Canton, Arc and Tempo, bringing the total number of block chain networks supported to nine. Visa stated at the time that it had reached $7 billion in the annualization of its stable currency settlement and supported over 130 stabilization currency-related card projects covering over 50 countries.