Key Highlights
- Fiserv plans to launch a new digital asset platform alongside the FIUSD stablecoin on the Solana blockchain aimed at 10,000 financial institutions.
- The company will leverage the infrastructures of stablecoin issuers Circle and Paxos, and partner with PayPal to facilitate interoperability between FIUSD and PYUSD.
- Traditional financial institutions are accelerating the development of stablecoin payment tools amid evolving regulations.
Fiserv, a significant player in the payment processing industry, has introduced plans for a digital asset platform and a stablecoin named FIUSD, set to launch later this year. This stablecoin will be available to Fiserv’s extensive client network of around 10,000 financial institutions and 6 million merchants.
The FIUSD token will operate on Solana, known for efficient transactions, and is backed by architecture from Circle and Paxos. It is designed to work in conjunction with existing payment systems, ensuring compliance while providing fraud and risk management. Fiserv has also entered into a partnership with PayPal aiming to enhance the process of transferring stablecoins across platforms.
“Fiserv is uniquely positioned to advance stablecoin-powered payments and help democratize access to blockchain financial services,” said Takis Georgakopoulos, Fiserv’s COO.
This initiative comes as a response to an increased interest from financial institutions in integrating blockchain technology, driven by recent legislative developments like the passage of the GENIUS Act to regulate stablecoins.
