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Digital Currencies Jump as Visa Pilots Crypto Settlement

  • Visa says payments network will use a stablecoin backed by USD
  • Bloomberg Galaxy Crypto Index rises most in three weeks
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Bitcoin and other cryptocurrencies rose after Visa Inc. said its payments network will use a stablecoin backed by the U.S. dollar to settle transactions, as blockchain technology gains more acceptance in the established financial system.

As part of a pilot program, Visa is using USD Coin to settle transactions over Ethereum, with the help of the platform and Anchorage, a digital-asset bank, according to a statement Monday by the San Francisco-based payments giant. Visa will offer the service to more partners later this year.