Visa will join the global dollar network (USDG), a Stablecoin consortium convened by the firm of digital assets regulated by the United States Paxos, along with the heavyweights of cryptocurrencies and Fintech such as Robinhood, Kraken and Galaxy Digital, according to two people familiar with the plans.
Visa is the first traditional Finance head that is known to binds to USDG, whose initial cohort of members also includes Anchorage Digital, Bullish (the owner of Coindesk) and Nuvei.
The Stablecoin business, whose lucrative potential is opening to more companies in the midst of a regulatory change, has been dominated by the first and second largest emitters of tokens damaged by the USD, the USDT of Tether and its smallest brothers circle with USDC.
USDG is designed to share performance with participating companies that can create connectivity and liquidity, unlike Tether, for example, which retains the interest obtained from their Stablecoin reserves.
Large card networks have been busy associating in cryptographic space. It was recently reported that Visa is helping Sam Altman’s world network, and Mastercard is working with the wallet metamash without custody.
Visa did not respond to comments requests. A Paxos representative said the company cannot comment on possible partners.
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