Visa launches stablecoin payout pilot for gig workers, creators and freelancers

Core Insights - Visa has launched a pilot program that utilizes dollar-backed stablecoins for paying gig workers, allowing direct payments into stablecoin wallets using cryptocurrencies like Circle's USDC [1] - The pilot is powered by Visa Direct, which enables money transfers to recipients in 30 minutes or less, and stablecoin capabilities were added to this service in September [2] - Visa is increasingly adopting crypto technologies, having over 4 billion account holders and more than 130 million participating merchants, and has formed partnerships with stablecoin companies to enhance its offerings [3][4] Partnerships and Collaborations - In April, Visa partnered with stablecoin company Bridge to allow fintech firms to issue Visa cards linked to stablecoin balances, following Bridge's acquisition by Stripe for $1.1 billion [3] - A partnership with Paxos was announced in July, integrating PayPal's PYUSD and USDG, a digital dollar from a consortium including Robinhood and Kraken, highlighting Visa's commitment to trusted and scalable stablecoins [4] Industry Context - The embrace of crypto and stablecoins by Visa and Mastercard coincides with recent US legislation that clarifies the conditions under which stablecoins can be issued, encouraging traditional financial institutions and fintech players to engage with blockchain technology [6] - Visa has updated its internal regulations to better align blockchain technology with existing payment systems, indicating a significant shift in operational capabilities compared to two years ago [7]