Visa Has “A Number Of” CBDC, Stablecoin Initiatives Underway: CEO

While crypto assets are currently navigating through bearish waters, positive sentiments are evident surrounding blockchain and its underlying technology. In fact, Visa CEO, Alfred F. Kelly recently expressed his optimism about the same. The executive indicated that the company may integrate blockchain-powered solutions into its services to bolster the next generation of payments.

Visa’s annual stockholder meeting took place on Tuesday. During his speech, Kelly spoke about the firm’s CBDC and private stablecoin plans. After highlighting, that the technology is still in its “early days,” Kelly mentioned that the company believes that stablecoins and CBDCs could play a meaningful role in the payments division. He also briefly revealed that Visa has “a number of initiatives” underway.

Also Read: Visa Is Exploring Options To Allow Auto Payments Via Ethereum Wallets

The company currently allows users to buy cryptocurrencies and NFTs using Visa cards. Alongside, users can also use Visa cards to turn cryptocurrencies or stablecoins into fiat. At the moment, more than 100 million merchants accept Visa globally.

Additionally, as reported a month back, Visa is exploring options to allow auto payments via Ethereum wallets. In the latter half of December 2022, the credit card giant released a proposal outlining how users could set up automatic payments directly from its own, self-custodial wallets by eliminating banks and other centralized entities from the equation.

During Tuesday’s meeting, Kelly emphasized,

“In everything we do, please know that we’re extremely focused on maintaining the integrity of Visa’s payment system and the payment system in totality and of course, the reputation of our brand standing for trust.”

Crypto collapse did not affect Visa

The past year was quite discouraging for the crypto market. Exchange collapse, bankruptcy filings, and stagnated prices were the characteristics that stood out in 2022. Nevertheless, Visa managed to shield itself and did not encounter any loss. Elaborating on the same, Kelly said,

“The crypto space has certainly been in the news, with a number of high-profile failures in the last year. We’ve had no credit losses related to these failures. We’ve had an immaterial amount of investments in crypto funds and companies as we seek to invest in the payments ecosystem.”

Kelly is all set to officially step down from his CEO position on Feb. 1. Visa President Ryan McInerney will become the next CEO and Kelly will assume the role of Executive Chairman.

Also Read: Will Tether, Stablecoin Settlements Surpass Visa, Mastercard In 2023?