Cryptocurrencies
Digital Currencies Jump as Visa Pilots Crypto Settlement
- Visa says payments network will use a stablecoin backed by USD
- Bloomberg Galaxy Crypto Index rises most in three weeks
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Bitcoin and other cryptocurrencies rose after Visa Inc. said its payments network will use a stablecoin backed by the U.S. dollar to settle transactions, as blockchain technology gains more acceptance in the established financial system.
As part of a pilot program, Visa is using USD Coin to settle transactions over Ethereum, with the help of the Crypto.com platform and Anchorage, a digital-asset bank, according to a statement Monday by the San Francisco-based payments giant. Visa will offer the service to more partners later this year.