SINGAPORE, September 13, 2023 – The Token 2049 conference witnessed a significant development in the world of blockchain and payments as Visa and Mastercard teamed up with Worldpay, a leading payment technology provider, to announce an innovative end-to-end settlement system for the US Dollar Coin (USDC). This pioneering collaboration leverages the power of the Hedera network and incorporates a cutting-edge proof-of-reserve mechanism provided by Hashport Network’s Axiom oracle.
During the conference, attendees were invited to the Hedera Booth P76 for a live, in-person demonstration of the groundbreaking solution. The demonstration showcased how the partnership between Visa, Mastercard, Worldpay, Hedera, Hashport Network, Arkhia, and BCW LLC is building trust in merchant stablecoin settlements.
The new system allows users of Visa and Mastercard to seamlessly settle transactions using USDC, a stablecoin pegged to the US dollar. By harnessing the Hedera network’s capabilities, users can enjoy faster and cost-effective cross-border transactions compared to traditional banking methods.
A key feature of this collaboration is the implementation of a proof-of-reserve mechanism, which provides real-time transparency regarding the availability of funds backing the stablecoins. Hashport Network’s Axiom oracle plays a central role in ensuring the accuracy and security of these reserves, instilling trust and confidence in the stablecoin ecosystem.
The Hedera network, known for its high performance and robust security, serves as the foundation for this innovative settlement system. It facilitates real-time settlement while maintaining the transparency and integrity of transactions.
This announcement marks a significant milestone in the adoption of blockchain technology by the traditional financial industry. Visa, Mastercard, and Worldpay’s commitment to exploring the potential of stablecoins and blockchain underscores the transformative impact of these technologies on global payments.
The collaborative effort between these industry leaders has the potential to drive further innovation and efficiency in the financial sector, ultimately benefiting consumers and businesses worldwide. As blockchain technology continues to gain traction, it is likely that more financial institutions will seek similar partnerships to harness the advantages of decentralized finance.
The presentation at Token 2049 provided a glimpse into the future of payments, where blockchain and stablecoins play a central role in revolutionizing the way transactions are settled and conducted.
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