Global payments giant Visa has announced that the Solana network will be used for stablecoin payments in addition to the Ethereum network. Solana's crypto asset Sol jumped on Tuesday following news of the Visa collaboration.

Visa announced that it will launch the transfer of USDC stablecoins through the Solana network. Following the news, Solana's crypto asset Sol jumped on Tuesday.

"This development can help increase the speed of international payments and provide a modern option for our customers to easily send and receive money," the payment giant said in a statement.

The company also announced cooperation with Worldpay and Nuvei as part of the pilot program. Solana is known as one of the few networks aiming to rival Ethereum. In terms of speed and cost-effectiveness, Solana can be preferred among developers who prefer to develop applications instead of Ethereum.

Solana's token rose 4.34 percent after the news on Tuesday evening, testing above $20, according to Sol Coin Metrics.