#Japan #Visa #Tokyo #stablecoin #Bridge

Bridge and Visa Expand Partnership

In a significant move towards enhancing the digital payment landscape, Bridge, a subsidiary of the Stripe Group focusing on programmable financial infrastructure, has announced the expansion of its partnership with Visa. This collaboration will see the launch of a stablecoin-compatible card issuance product in over 100 countries by 2025.

The introduction of this stablecoin card, enabled by Bridge, will allow businesses and developers to offer Visa cards linked to stablecoins. This innovative solution facilitates seamless on-chain payments, providing cardholders with the capability to use their stablecoin balance for everyday purchases at over 175 million merchants supporting Visa worldwide.

As it stands, the stablecoin-compatible card is currently in 18 countries, with plans for expansion into regions including the Asia-Pacific, Africa, and the Middle East within the year. Major cryptocurrency platforms such as Phantom and MetaMask are also adopting Visa cards, making it easier for millions of customers to utilize stablecoins as a payment method in their daily transactions.

Participation in Stablecoin Payment Pilot

As part of this expanded partnership, Bridge will participate in a pilot program led by Visa to explore stablecoin payments. This initiative aims to demonstrate the feasibility of processing payments using stablecoins across specific card networks supported by blockchain technology. During this pilot, Bridge will assist in facilitating the movement of stablecoins and token conversions, as well as generating operational reports between Visa and card issuers like Lead Bank.

The primary objectives of the stablecoin payment pilot include:

• - Validating the viability of enhanced payment options for card issuers and program managers through stablecoin transactions.
• - Assessing operational efficiency improvements via on-chain reconciliation and instantaneous fund transfers.
• - Simplifying the integration of blockchain technology within financial institutions through platforms like Bridge.

Cuy Sheffield, Visa's head of cryptocurrency, emphasized the importance of this partnership by stating, "Visa is dedicated to meeting the needs of businesses wherever they operate, and that place is increasingly expanding onto the blockchain. Expanding our partnership with Bridge offers a new avenue to integrate the speed, transparency, and scalability of stablecoins directly into the payments process. This milestone enriches our partners' options for value transfer and further enhances Visa's role as a 'trusted network' connecting digital currencies with a global payments ecosystem."

Future Support for Assets Issued by Bridge

Looking ahead, Visa is considering supporting assets issued by Bridge, which would allow major cryptocurrency platforms like Phantom and MetaMask to transact with their independently created stablecoins directly through Visa. The focus is on how these assets can complement Visa’s global network and create new payment flows for partners.

Zach Abrams, the CEO and co-founder of Bridge, remarked, "We have been committed for years to aid businesses in autonomously building their financial infrastructures. The expansion of our partnership with Visa means that companies issuing their own stablecoins can seamlessly integrate them within their card programs."

About Stripe

Stripe is a company dedicated to building programmable financial services. Millions of businesses globally utilize Stripe to enhance online and in-person payments, embedded finance, and customize revenue models, thus fostering more profitable business operations. With headquarters in San Francisco and Dublin, Stripe processes payments equivalent to 1.9 trillion dollars annually, which accounts for 1.6% of global GDP. Through its investment in AI and research and development focused on stablecoins, Stripe contributes to the proliferation of cutting-edge technology within the global economy.

For more information, visit Stripe's website.