“We’re trying to do two things,” Kelly said. “One is to enable the purchase of bitcoin on Visa credentials.” The second, he added, is “working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency” that can be immediately “used at any of the 70 million places around the world where Visa is accepted.”
Businesses will be able to send international USDC payments to any Visa-supported business. Still, before the funds can be spent they will need to be converted to fiat currency. USDC is back one to one with a U.S. dollar reserve, Circle says.