World Network is reportedly in discussions with Visa to integrate stablecoin payments into its self-custody crypto wallet. The partnership would enable users to make stablecoin-based payments to merchants within Visa’s vast global network.
“The plan is to build up a whole connected wallet strategy so that you can trade in all kinds of things, from FX to crypto, load to wallet, send to wallet, spend from card… Basically to turn World Wallet into a mini bank account for anyone who wants it,” said a source familiar with the plans as CoinDesk reported.
What are stablecoins?
A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to an asset like the U.S. dollar, gold or other fiat currencies. (Read more: Ripple Launches USD-Backed Stablecoin, $RLUSD)
This stability is achieved through reserves or algorithmic mechanisms, making stablecoins useful for payments, remittances and trading without the volatility of typical cryptocurrencies like bitcoin. (Read more: What are Algorithmic Stablecoins?)
Prior attempt for IRL Payment
In April 2024, Tools for Humanity, the company behind Worldcoin, was reported to be in early talks with PayPal and OpenAI for potential partnerships, though no concrete details have been confirmed.
CEO Alex Blania emphasized regulatory challenges, with investigations in multiple countries and adjustments being made to comply with regulations. The company is shifting its messaging from “universal basic income” to “distribution of scarce resources” and expanding its offerings, including the launch of a layer-2 blockchain, World Chain, and an upgraded Orb device.
Growing Crypto Adoption in Payments
Visa, as well as the other payments giant Mastercard, has been increasingly exploring crypto payments, partnering with blockchain firms to integrate digital assets into their networks.
In February 2024, Visa partnered with web3 infrastructure provider Transak to enable cryptocurrency withdrawals and payments via Visa Direct. Users in more than 145 countries can now convert more than 40 cryptocurrencies to fiat, directly depositing funds onto their Visa debit cards and accessing services at 130 million Visa-accepted merchant locations. This integration allows for direct crypto-to-fiat withdrawals without relying on centralized exchanges.
Also in 2022, Visa launched an NFT creator program to help small businesses in music, fashion and film expand through NFTs. The one-year immersion program provided technical mentorship, community support, industry exposure and stipends to selected creators.
However in February 2023, Visa and Mastercard delayed the launch of some crypto-related products and partnerships due to ongoing bear market conditions and major crypto collapses.
Recent Developments in the World Network Ecosystem
Recently, Razer partnered with World to introduce “Razer ID Verified by World ID,” a blockchain-based verification system that ensures only human players participate in online games. This initiative aims to combat AI bots, restore fair play, and enhance trust in gaming.
World is a blockchain-based project focused on creating a secure digital identity system. It uses iris biometrics via the Orb device to generate a unique World ID, enabling secure online interactions.
In Bulacan, the company is reportedly conducting iris scanning and verification activities, where users receive $WLD upon verification and can earn additional rewards by referring others.
Check out BitPinas’ coverage of its activities here:
This article is published on BitPinas: Report: World Network and Visa Eye Stablecoin Payments via Crypto Wallet
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