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The latest in financial news: Visa begins transition to conducting transactions on Solana with USDC, the US Fed has issued warnings to various mid-size banks, and Armenia has announced that they are conducting a joint exercise with US forces this month.

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Visa Adapting To The Use Of Crypto

Visa made a significant announcement on Tuesday, revealing their shift towards adopting the stablecoin USDC, issued by Circle, for facilitating credit card transactions. In a collaborative effort, Visa is actively partnering with various merchants to leverage USDC on the Solana blockchain for transaction processing and settlement. Solana, a blockchain platform akin to Ethereum, empowers developers to create innovative applications. Following this announcement, Solana's native token, SOL, experienced a 4% price surge.

Fed Issues Private Warnings

The Federal Reserve has taken discreet steps to caution several banks holding assets valued between $100 billion and $250 billion, including Fifth-Third Bancorp, Citizens Financial, and M&T Bank Corp. These banks were advised to intensify their oversight concerning lending practices, technology infrastructure, and surveillance measures. The Fed's issuance of these warnings follows the collapses of three banks this year as they continue to increase interest rates. The swift rise in interest rates by the Fed has raised concerns, particularly for banks that may have extended their lending beyond prudent levels, potentially leading to substantial losses, similar to the situations observed with Silicon Valley Bank and Signature Bank.

US Military Exercise In Armenia

On Wednesday, the Armenian Defence Ministry announced its plans to conduct a collaborative training exercise with the US military, aimed at preparing for potential participation in international peacekeeping missions. This joint exercise, known as EAGLE PARTNER 2023, is scheduled to take place from September 11th to September 20th, 2023. Situated to the west of Turkey and in close proximity to Russia, Armenia's strategic location has garnered the Kremlin's attention, prompting them to monitor the exercise closely. It's worth noting that Russia maintains a military base within Armenia and has played a dominant role in the Caucasus region.

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