XDC Network Enables USDC Spending
Users of the XDC Network can now spend the USDC stablecoin at over 150 million Visa-accepted merchants worldwide through an integration with OrbitX Pay. Social media discussion highlights this as a significant milestone for crypto payments, suggesting a shift for stablecoins from a settlement asset to a daily payment method. The service allows users to spend from their self-custody wallets.
- The XDC Network is an enterprise-grade, EVM-compatible Layer 1 blockchain designed for payments, trade finance, and tokenizing real-world assets; its infrastructure is also compliant with the ISO 20022 global financial messaging standard. This positions it for interoperability with established financial systems like SWIFT. - OrbitX Pay, the fintech provider enabling the Visa card integration, is a Dubai-based startup founded in 2024 that offers white-label crypto card solutions and other Web3 payment services. The service requires users to complete a KYC process, after which they can make payments via Apple Pay and Google Pay. - This model of enabling crypto spending through existing card rails is a key strategy for both Visa and Mastercard to engage with the digital asset economy. Visa has previously piloted USDC settlement directly on public blockchains like Solana and Ethereum, signaling a long-term strategy of integrating stablecoin infrastructure. - For institutional players, stablecoins offer a way to bridge traditional finance with blockchain by providing near-instant, 24/7 settlement for cross-border payments, which can reduce settlement times from days to minutes compared to traditional rails. This efficiency is particularly valuable in emerging markets like Southeast Asia and Latin America, where OrbitX is seeing growing traction. - Circle, the issuer of USDC, has been actively partnering with major financial technology firms like FIS and Worldpay to embed stablecoin payout and settlement capabilities directly into existing banking and merchant acquiring infrastructure. This strategy aims to make USDC a ubiquitous settlement asset within the regulated financial ecosystem. - The total market capitalization for fiat-backed stablecoins was approximately $227 billion as of March 2025, with USDC and USDT accounting for over 90% of the market. While a large portion of stablecoin transaction volume has historically been tied to crypto trading, use cases for payments and remittances are growing. - Regulatory developments are a critical factor for institutional adoption. The passage of legislation like the GENIUS Act in the U.S. and MiCA in Europe is providing clearer frameworks for regulated stablecoins, which is encouraging more banks and large corporations to explore their use.
