Wealthsimple and Visa Just Quietly Changed How Payments Work in Canada

Moving money in Canada is about to get a lot more modern. Visa Canada and Wealthsimple are piloting a new payments system that uses stablecoins to settle transactions, a first for the Canadian market.

Under the program, Wealthsimple can use USD Coin (USDC) to settle certain financial obligations with Visa, using blockchain to move funds faster than traditional banking infrastructure allows.

The practical upside: settlements can happen seven days a week, including weekends when banks are closed, and financial institutions get more flexibility in managing their cash flow.

“Visa was one of the first major payment networks in the world to settle transactions in stablecoin, and grew that capability into a proven, global pilot program now processing billions in settlement volume. Canada is a natural home for what comes next,” said Michiel Wielhouwer, President and Country Manager of Visa Canada. “By bringing stablecoin settlement to Canada with Wealthsimple, we are building the infrastructure that lets the best ideas in money movement become reality at scale. Canadian innovation deserves world-class rails, and that is what we are here to provide.”

For most Canadians, this is all happening in the background, but it matters. Stablecoins are digital currencies pegged to a stable asset like the U.S. dollar, which lets companies sidestep the bottlenecks baked into legacy banking systems.

“Stablecoins represent a fundamental shift in how money moves faster, smarter, and without the constraints of legacy systems. Wealthsimple is proud to be the first Canadian financial institution to bring this capability to life with Visa,” said Hanna Zaidi, VP Payments Strategy and Chief Compliance Officer at Wealthsimple. “We see this pilot as the first of many opportunities for Canada to build towards a more dynamic and efficient payments system.”