No, this wouldn't let consumers pay their bills in USDC, but rather allow banks and merchants to be paid in USDC.

Settlement is the process in which an acquirer "settles" up with Visa, which happens after a transaction is authorized[0]. The acquirer sends Visa a list of transactions and monetary amounts, Visa accepts this and forwards along money for the transactions to the acquiring bank.

Visa is saying that they are now sending USDC (over the blockchain? unclear.) instead of fiat currency over traditional banking rails.

Later this year, Visa will expand these capabilities to more acquirers/merchants.

[0]: This page explains more. https://financetrain.com/how-credit-card-transaction-process...