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Visa Settling Cross-Border Payments on Solana, Coinbase Expands Tender Offer

Sep 5, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update Equities show mixed performance as oil prices continue their upward trajectory, potentially raising concerns over an inflationary burst. Interest rates are increasing across the board, with a more noticeable spike at the short end of the yield curve. The U.S. Dollar Index (DXY) continues to rise, a near-term risk that has been a concern. Regarding macro updates, the next critical data to watch will be the U.S. Services PMI data due tomorrow and China's inflation data set to be released on Friday. Softer U.S. data coupled with more robust Chinese data could be a local peak for interest rates. $BTC and $ETH are relatively flat on the day. $SOL is up over 4%, likely benefiting from Visa's recent announcement to adopt the Solana network (more on that below). Another notable outperformer is $DYDX, which has been officially voted by its community as the native token for the dYdX app chain and is likely benefitting from that catalyst. Visa is broadening its stablecoin settlement capabilities by supporting Circle's USDC and the high-performance Solana blockchain. This move builds on successful pilot programs with merchant acquirers Worldpay and Nuvei and earlier experiments with Crypto.com to streamline and speed up cross-border financial transactions. In the past, Visa u

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