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Yesterday big news spread out in the market that by Monday, 29th of March, 2021, Visa allowed settling transactions for USDC utilizing Ethereum. That news spread in the digital currency market like fire in the forest. To some extent, it is considered to be a positive step, but to some extent, few analysts considered it bullish as well because of vague effects going to be impacted on the economy and scaling of the network.
The launching of the pilot program of visa settling the USD Coin’s transactions on its network was announced on the 29th of March via Anchorage and Crypto.com. David Hoffman, the co-founder of Bankless, responded to the big trending news via the Bankless Decentralized Finance newsletter that Ethereum holders will surely get paid by Visa.
He also explained the operational payment networks of Visa that can administer and process more than 1500 transactions within seconds as that is the way to proportionate the USD Coin payments via Ethereum.
Ultra-Sound Financial Asset
David Hoffman stated that right now, Visa is only able to provide centralized services due to the scaling capacity of Visa. Moreover, he also stated that in a familiar operation to double-layered rollups in which a bunch of transactions has been processed off the main chain. He commented that on the Visa network, internally, transactions of high magnitude can be processed. So, Visa will build one, batched group action to Ethereum, which updates and manage the partners’ balances facilitation of the USDC transfers via Visa.
As it doesn’t scale Ethereum directly, it fortifies to commence that Ethereum (ETH) is “Supersonic Currency” or the “Ultra-sound Money.”
The web blog post kept on suggesting that this sudden crypto activity can be regarded as “rug the fed.” The U.S currency and Federal Reserve is having a common monopoly because the dollar is regarded as the reserve currency across the world, and therefore the ledger is controlled by Fed. Visa settlement of USDC on Ethereum doesn’t change it. All greenbacks will be settled back on Fed.
Ethereum’s Price Reaction
This circulating news in the crypto market has resulted in the ultimate spike in the value of Ethereum, which reached $1830 by an 8% push-up. No doubt prices went a little low on Tuesday morning, but the world’s second-ranked digital currency is still holding some bullish sentiment as the price value is trading greenish on a weekly basis. Since the beginning of 2021, Ethereum’s price value made more than 142% till now. It has surpassed even Bitcoin (BTC), which struggled around 97% in the same time span.
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