"Salaries paid in stablecoins"…Visa expands 'Direct' service

On the 12th (local time), according to Cointelegraph, Visa announced at the 'Web Summit' conference held in Portugal a pilot program that would allow companies to pay salaries with dollar-denominated stablecoins. Under the program, users of Visa's digital payments service 'Visa Direct' can transfer dollar stablecoins, such as Circle (USDC), directly to employees' cryptocurrency wallets.

The pilot program is targeted at U.S. companies. Cointelegraph reported, "Companies and platforms in the United States can pay stablecoins (as salaries) from accounts funded with fiat currency to the wallets of workers, contractors, etc.," adding, "Recipients can choose whether to receive payments in stablecoins."

Visa is reported to have already selected partners to participate in the pilot program. Visa plans to expand the service starting next year. Chris Newkirk, head of Visa's remittances and money-movement solutions, said, "The core of the stablecoin payment service is to enable anyone around the world to access funds within minutes rather than days."