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Cuy Sheffield, head of Crypto at Visa, and Shivani Siroya, founder and CEO of Tala, said a new partnership between the two firms is aimed at putting stablecoins into digital wallets, onto credit cards — and bringing that digital commerce direct to merchants.
The announcement marks one of the first deals since Visa said in March that it is now settling transactions in dollar-denominated stablecoins, specifically Circle’s USDC, the stablecoin governed by the Centre Consortium. In terms of the mechanics, Tala’s integration with Circle and Stellar will enable Tala’s customers to have access to USDC in the firm’s digital wallet, which in turn can be used in cross-border money transfers and easily exchanged into other digital assets or local fiat. As Sheffield told Webster, “There’s a lot of potential for digital currencies to extend the value of digital payments and reach consumers in emerging markets.” Those customers, said Sheffield and Siroya, are likely to embrace cryptos as lower-cost means of sending money across borders, for remittances and in peer-to-peer (P2P) transactions — or to tap working capital as they grow their small or microbusinesses.
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