Payments platform Worldpay, a subsidiary of publicly traded FIS Group, will soon enable USD coin (USDC) settlement for clients on the Polygon blockchain as part of a broader strategy.
"We're excited to join the Polygon network as a validator and demonstrate the potential of the Polygon [proof-of-stake] chain for financial services, starting with our USDC settlement offering,” said Nabil Manji, senior vice president and head of crypto and Web3 at Worldpay.
Validators refer to entities that supply computing power to a proof-of-stake (PoS) network to process on-chain data and confirm transactions.
Worldpay settlement of the USDC stablecoin for clients will be enabled by BCW Group, which will host and operate a validator node to ensure the processing and validation of transactions.
"By enabling USDC settlements, Worldpay from FIS is expanding Web3 settlement capabilities to a hungry market of clients across the globe,” explained Hamzah Khan, head of DeFi and labs at Polygon, in a statement.
Earlier this year, Worldpay announced its partnership with Circle to enable crypto-native and traditional businesses to build a fit-for-purpose settlement and treasury strategy that caters to their preferred currency.