Visa payments will expand to multiple blockchains and stablecoins.

Nimmi373

Visa's Blockchain Chief, Cuy Sheffield, wrote in a blog post on Wednesday that despite various flaws and challenges, blockchain technology is similar to the early internet, evolving from obscurity to ubiquity.

"We see enormous potential for blockchain networks," he wrote on behalf of the financial services giant. "Today's blockchain has some similarities with the early internet, especially skeptics, questioners, and critics."

Cuy Sheffield believes that blockchain technology, in terms of efficiency, related costs, and ease of use, may mature over the next decade. While PayPal and BlackRock are recent examples of large companies delving deeper into the cryptocurrency space, Sheffield's post captures the emerging tone of stable financial companies like Visa.

He wrote that in the future, he expects Visa's payment network to involve not only "multiple currencies and banking settlement rails but also multiple blockchain networks, stablecoins, and CBDCs or tokenized deposits."

Sheffield's post highlights Visa's recent efforts to provide a more "modern choice" for sending or receiving funds for customers using stablecoin USDC and Solana. It also emphasizes the potential of blockchain in improving settlement efficiency and enhancing cross-border transaction convenience.

For those unfamiliar with the early days of the internet, Sheffield points out that internet technology has made significant progress since the dial-up era, and the user experience has evolved from being "slow and unreliable" to being an omnipresent force.

The Visa executive wrote, "Critics mocked this emerging network as just another newfangled tech project with no real future, a scenario that's not uncommon." "Such views have matured."

Although Sheffield's post doesn't mention it, Nobel laureate in economics, Paul Krugman, notoriously claimed in 1998 that "By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's."

In 2013, Krugman compared Bitcoin transactions to "a shady alley transaction for a bag of one hundred-dollar bills" and suggested that innovation in the dollar realm should be left unregulated.

Last week, Krugman referred to "crypto-worship" as a principle in the public policy debate, often attracting "tech-savvy brothers." He attributed people's interest in cryptocurrencies to those "who may think they understand money better than economists."

Yamini003

This also needs to be expanded.