Visa working on a number of CBDC and stablecoin initiatives – CEO
Visa CEO said that the company believes that stablecoins and CBDCs could play a meaningful role in the payment space.
Visa CEO Alfred Kelly disclosed the company is working on a number of central bank digital currency (CBDC) and stablecoin initiatives, San Francisco Business Times reported.
Speaking during Visa’s annual meeting on Jan. 24, Kelly said that the company was looking to expand its role in the crypto industry but added that it will do so while maintaining its brand reputation and integrity.
He added that the company had no credit losses to the recent crypto contagion as it had an immaterial investment in crypto companies.
The Visa CEO said that the company believes that stablecoins and CBDCs could play a meaningful role in the payment space.
Visa is also working on a number of initiatives to develop its CBDC and stablecoin infrastructure.
Visa role in the crypto
As of October 2022, Visa disclosed that it has partnered with over 70 crypto platforms to allow its customers to spend their cryptocurrencies across 80 million merchants globally.
The payment giant currently allows users to buy cryptocurrencies and NFTs using their Visa cards. Additionally, it allows users to convert their cryptocurrencies and stablecoins into fiat.
On Dec. 19, Visa initiated a proposal that could allow Ethereum users to set up automatic payments from their self-custodial wallets.