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Stablecoins hands Visa $1 billion worth of transactions after Q2 entry

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Stablecoins hands Visa $1 billion worth of transactions after Q2 entry

Payment company, Visa, recorded massive cryptocurrency transactions on its platform in the first half of 2021, a period bitcoin hit its biggest milestone.

In the last week of March, Visa revealed that it had added USD Coins [which is pegged to US dollar] to its payment options as it took advantage of the growing crypto community.

In a recent statement updating the public on the impact of digital currency on its transaction system, Visa stated that in the first half of this year, customers spent over $1 billion with its crypto-linked cards.

Read also: Chinese central bank plans minimum, strict regulations for bitcoin, cryptocurrencies

The company said stablecoins will become an important part of the digital transformation being experienced by the financial services.

There are over $100 billion worth of stablecoins currently in circulation according to Visa, with the public blockchains recording an exchange of hundreds of billions monthly.

Despite this high transactions recorded by Visa in the first half of 2021, the cryptocurrency market has been struggling to regain its Q1 and Q2 form after Elon Musk backed out of bitcoin usage for transactions of Tesla in May 2021.

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