Visa Launches 24/7 USDC Payout Pre-Funding Service With i2c

Visa has commercially launched a stablecoin-based service that lets businesses pre-fund payout balances around the clock using USDC. Payment infrastructure company i2c Global is the first processor to offer the feature to its clients.

The Block reported on October 16 that Visa and i2c Global had commercially launched Visa Direct's stablecoin-based pre-funding service. The rollout expands a pilot that began last year into a live service for corporate customers.

Businesses can top up payout balances with Circle's dollar-denominated stablecoin USDC and process cross-border payouts without being constrained by bank operating hours. The service is available through i2c Global's existing application programming interfaces, or APIs, and is subject to restrictions based on region and customer eligibility.

Integrating Visa Direct's stablecoin pre-funding capability into the i2c platform allows money transmitters, fintechs and payment companies to fund payout balances 24/7 through the same APIs they already use, Robson Dantas, i2c Global's co-founder and chief product and technology officer, said.

i2c Global provides a platform for remittance companies, fintechs and banks covering customer onboarding, fraud prevention, regulatory compliance, payments and remittances. It currently operates payout services in more than 180 countries through Visa Direct.

Visa began testing pre-funding using USDC and the euro-denominated stablecoin EURC in September last year. In November, it also piloted a feature for direct USDC receipt. Earlier this month, in a seven-day test with Lloyds Bank in the UK, the companies processed $750,000 of payment obligations using USDC. The two companies said funds arrived in less than an hour, including over the weekend.

The next stage for stablecoins is real-world adoption, Vira Platonova, global head of Visa Direct, said. Years of work with clients and partners have now led to a live implementation.