Best Solana Wallets as Visa Chooses Solana and USDC for US Bank Settlements
Solana is once again getting some major adoption as Visa announced on Tuesday that it would bring USDC settlement for some US banks on the Solana blockchain.
Settlement is what happens behind the scenes, payments are what happens when the merchant confirms that you have the funds in your account, this happens instantly during the card transaction.
Settlements, on the other hand, is when the money is later moved between the cardholder’s bank and the merchant’s bank via the Visa card network.
Settlements can take one to three business days and only operate during banking hours, with this new announcement however settlement would happen on a blockchain practically instantly and 24/7. This would free up capital for banks, meaning that money can be put to work elsewhere instead of being on hold.
What Banks Are Involved?
At the moment, two banks are involved in settling with Visa in USDC over the Solana blockchain, these are Cross River Bank and Lead Bank.
Jack Forestell, Chief Product & Strategy Officer at Visa, said more banks are coming in 2026.
Cross River Bank is actually the banking partner for Uphold wallet, for example your USD balance is held with Cross River and this is how they have FDIC insurance. Also, the Uphold Visa debit card is issued by Cross River Bank.
Western Union has also been linked with building its own stablecoin payment network using Solana.
No doubt, Solana was selected for this settlement model because of its low transaction fees and fast confirmation speeds. Also USDC is already deeply integrated with Solana.
How Might this Affect the Sol price?
First of all, Visa using the Solana blockchain brings a lot of attention and credibility to those who may not have been aware of Solana’s capabilities.
Secondly, more usage of the Solana blockchain means more SOL transaction fees. Although the fees are low, it is still increasing the demand for SOL which should translate into a price rise over the long term.
It’s likely banks will continue to follow this settlement model because it allows them to settle seven days a week instead of five, so it gives them a big advantage in being able to use that money elsewhere.
Circle, the company that created and issues USDC, saw a 10% jump in its share price in the 24 hours following the announcement.
Visa is not the only company using Solana, last week JPMorgan made one of the first debt deal tokenizations using the Solana blockchain and said that it plans to make more similar deals in the future.
Best Solana Wallets
As Solana adoption continues to grow in exciting ways, having a self-custody wallet with full support for Solana becomes increasingly important.
Instead of using exchange wallets, which can be hacked or even suspend withdrawals like Upbit, many investors prefer to take full ownership of their crypto with a self-custody wallet.
One option that is easy-to-use and with a strong emphasis on security is Best Wallet, a multi-chain self-custody wallet with full support for Solana.
Its biggest selling point? Versatility! It is among the few non-custodial wallets that strike a balance between ease of use, security, and functionality.
In terms of security, Best Wallet delivers perfectly through its self-custodial model, ensuring no one, not even the developers have access to users’ private keys. That alone keeps users in full control of their wallets, eliminating the risks of asset freezes or hacks common with centralized exchanges.
What also reinforces Best Wallet’s appeal as a secure solution for all and sundry this year is its up-to-date security protocol, led by Fireblocks, which offers users both insurance and protection.
More so, the platform doesn’t require KYC checks, even for advanced trading, giving users complete privacy and faster access to all features without unnecessary delays.
The fact that users can seamlessly trade Solana-based tokens alongside assets from other blockchains without leaving the app gives it an edge over DEXes, which are limited to cryptocurrencies native to their own chains.
In addition to Solana, supported blockchains include Bitcoin, Base, Ethereum, Polygon, Binance Smart Chain, giving users the flexibility to trade a wide variety of assets. The next defining attribute lies in its intuitive, easy-to-navigate interface, which empowers beginners to execute transactions quickly and without confusion.
At the same time, it features a comprehensive suite of trading tools, ranging from fiat payment and cross-chain swaps to staking and a token launchpad. The wallet has been featured across multiple major crypto YouTube channels and websites, all of them dubbing it the best option for both day-to-day traders and long-term investors.
Download Best Wallet
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