World Network in Talks with Visa for New Stablecoin Wallet
World Network, formerly known as Worldcoin, is reportedly in advanced discussions with Visa to launch a new stablecoin wallet that would seamlessly integrate crypto-native features into Visa’s vast global customer base.
The initiative, spearheaded by Tools for Humanity, the parent company of World Network, seeks to provide a bridge between the traditional financial world and the burgeoning digital asset space by offering a platform where stablecoins can be used for everyday payments.
Sources indicate that Sam Altman, CEO of OpenAI, is working with Visa to develop this innovative wallet, which would likely incorporate on-chain card functionalities and enable stablecoin payments within Visa’s existing global payment network.
The proposed Worldcoin wallet aims to function like a “mini bank account,” providing services such as foreign exchange (FX) and fiat on-ramps, with the broader goal of making stablecoins more accessible to a global audience. This could revolutionize how people store and transfer value, allowing crypto enthusiasts to tap into Visa’s established infrastructure while accessing the benefits of stablecoins.
Visa’s Evolving Strategy in the Crypto Space
Visa, which has previously worked with various crypto companies, is looking to deepen its involvement in the crypto space as stablecoins gain prominence. While the company had expressed concerns about stablecoins potentially disrupting its core business model in the past, its current strategy seems to involve embracing digital currencies more proactively. These discussions with World Network are likely part of Visa’s ongoing efforts to diversify and future-proof its services as digital currencies continue to reshape global finance.
Although the talks between Visa and World Network are still in the early stages, they signal a significant step towards the mainstream integration of stablecoins into traditional financial systems. As stablecoins continue to gain traction globally, this partnership could serve as a crucial milestone in promoting the use of digital currencies for everyday transactions, potentially reshaping the landscape of global payments in the years to come.
Alexander Stefanov