Fiserv, a Fortune 500 Payments and Fintech giant, which processes 90 billion transactions annually, revealed plans on Monday to launch a new digital asset platform and stableecoin that joins a list of traditional financial companies that hurry to take advantage of stablecoin boom.
FIUSD STABRECOIN, scheduled to debut later in the year, will be available for Fiservs approx. 10,000 financial institution clients, including regional banks and 6 million grocery venues, the company said in a press release.
The token is running on Solana
A blockchain known for its quick transactions and will use back-end infrastructure from stablecoin issuers Circle (CRCL) and Paxos. According to the company, FIUSD will eventually interoper with other leading stableecoins, while the platform will also explore using the deposit token or blockchain-based versions of customer deposits,
Instead of trying to increase the current system, Fiserv FIUSD places a “bank -friendly” piece of infrastruture that works with traditional payment rails, with built -in compliance, fraud and risk monitoring tools.
In a separate announcement, Fiserv said it is working with PayPal (PYPL) to connect FIUSD with PayPal USD (PYUSD), enabling companies and consumers to move stablecoins between platforms. The two companies aim to streamline cross -border transfers, payments and supplier payments using interoperable digital dollars, a press release said.
“Fiserv is uniquely placed to promote stableecoin-driven payments and help democratizing access to blockchain-financial services,” said Takis Georgakopoulos, CEO of Fiserv. “We believe that FIUSD will give our customers the efficiency and opportunity they need to thrive in the evolving bank and payments -ecosystem.”
The move reflects a growing push among global banks and traditional economic Behemoths to integrate blockchain technology and stablecoins, a type of digital currency with prices rooted in an external asset, such as Fiat currency, into their offer. The trend is accelerating as the US Senate adopted the so-called genius to regulate stablecoins. For example, JP Morgan revealed a depository JPMD for institutional clients with a test transaction at Ethereum Layer-2 base.
Read more: Coinbase debuts StableCOin Payment Stack after Shopify Partnership
