Visa Launches Stablecoin Payout Pilot for Gig Workers

Visa has launched a pilot program allowing U.S.-based businesses to send payments directly to the stablecoin wallets of freelancers, creators, and gig workers, enabling recipients to receive funds in dollar-pegged digital assets like USDC while businesses fund the transactions in traditional fiat currency. The initiative, announced Wednesday at Web Summit in Lisbon, integrates with Visa's existing Visa Direct service and aims to accelerate global payouts, particularly in regions with limited banking access.

Under the program, companies deposit funds in U.S. dollars through Visa Direct, which already supports transactions in over 195 countries and territories. The system converts these to stablecoins, such as Circle's USDC, for near-instant delivery to recipients' crypto wallets. This process bypasses the delays of conventional bank transfers, which can take days, by settling transactions in minutes via blockchain technology. Visa officials emphasized that the approach maintains compliance, requiring recipients to complete know-your-customer and anti-money laundering checks before accessing funds.

The pilot addresses key challenges in the gig economy, where workers often face...