Visa has disclosed plans for an ambitious cryptocurrency product involving stablecoin payments.

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Visa, a global payment giant, is expanding its exploration of the cryptocurrency industry by focusing on stablecoin payments. Cuy Sheffield, the head of crypto at Visa, recently announced a new cryptocurrency-related project developed by the firm on Twitter.

Visa's upcoming crypto product aims to encourage mainstream adoption of public blockchain networks and stablecoin payments, with a view to making digital commerce more accessible for everyday life. Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to a fiat currency, and are often used for transactions because of their relative stability.

The initiative is part of Visa's broader push to expand its presence in the cryptocurrency space, as it looks to capitalize on the growing interest in digital currencies among consumers and merchants alike. The company has already made significant strides in this area, partnering with blockchain firm Circle in 2020 to support the USD Coin stablecoin on certain credit cards.

Visa's move into the cryptocurrency industry signals a significant shift for the payments industry, as traditional players look to incorporate digital currencies into their offerings. With its upcoming crypto product, Visa is poised to make a major impact in the crypto space and drive further adoption of stablecoin payments among consumers and businesses.

Visa, one of the world's largest payments companies, has recently published a job posting announcing that its crypto division is developing the "next generation of products" aimed at making digital commerce more accessible for everyday life. To bring this vision to life, Visa is seeking to hire software engineers with a focus on programming, backend systems, and Web3 technologies.

The company is particularly interested in candidates who have experience using Github Copilot and other AI-assisted engineering tools to write and debug smart contracts. This is because smart contracts are an integral part of blockchain technology, and Visa's upcoming crypto product will rely heavily on public blockchain networks and stablecoin payments.

In addition to programming skills, Visa is also looking for candidates with a good understanding of layer 1 and layer 2 solutions, as well as experience with writing smart contracts using the Solidity programming language. The position also requires knowledge of public and permissioned distributed ledger networks, security protocols, private key custody, and Ethereum enhancements such as ERC-4337.

Overall, Visa's new crypto initiative signals the company's growing interest in the cryptocurrency industry, and its efforts to expand its offerings and attract top talent in the field.

Among preferred applicant qualifications, Visa listed a good understanding of layer 1 and layer 2 solutions alongside experience with writing smart contracts using the programming language Solidity. Introduced specifically for the Ethereum Network, Solidity is used to create smart contracts on blockchain platforms and generate a chain of transaction records in the blockchain system.

The position also requires good understanding of public and permissioned distributed ledger networks, security protocols, private key custody as well as new Ethereum enhancements such as ERC-4337.

One of the world’s largest payments companies, Visa made a major move into the crypto industry in 2020, partnering with the blockchain firm Circle to support the USD Coin stablecoin on certain credit cards. The firm has been gradually expanding its crypto offering but halted some new industry partnerships due to the crypto bear market of 2022 and major industry collapses like Celsius and FTX.

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