Hassan Maishera
TL;DR
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Visa and Baanx have partnered to launch stablecoin payment cards.
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Cardholders will be able to spend their USDC stablecoin directly from Baanx wallets.
Visa and Baanx to Launch a Stablecoin Payment Card
Cryptocurrency debit card firm Baanx has entered into a strategic partnership with Visa to launch stablecoin payment cards tied to self-custodial wallets. In a press release on Wednesday, Baanx revealed that it would start in the United States with Circle’s USDC dollar-pegged token.
The companies stated that the Visa cards will allow holders to spend USDC directly from their crypto wallets, using smart contracts to transfer a stablecoin balance from the consumer's wallet to Baanx in real-time upon card authorization. Baanx will convert the balance into fiat for payment.
Baanx is a leading cryptocurrency firm that specializes in crypto debit cards. It is currently working with Mastercard on a card linked to MetaMask wallets. Baanx’s stablecoin-linked Visa cards will soon be available to users globally, featuring low-cost cross-border payments.
While commenting on this partnership, Simon Jones, chief commercial officer at Baanx, said,
“In many regions, access to stable currency is a luxury. We're giving people the ability to hold and spend USD-backed stablecoins seamlessly — in a self-custodial, real-time way — anywhere Visa is accepted. This is what the future of finance looks like.”
Rubail Birwadker, Visa’s head of growth products and partnerships, added that,
“We know the payments ecosystem is still in the early innings of stablecoin adoption, but real-world utility is coming to the forefront, and we’re excited for what’s next.”
Several cryptocurrency firms, including Avalanche and SafePal, have partnered with Visa to launch their cryptocurrency debit cards in recent months.
