Sprouts Farmers Market closes $600 million revolving credit facility
Investing.com -- Fiserv (NYSE:FI) stock rose 6% after The Wall Street Journal reported the financial technology giant plans to launch a stablecoin and platform that could be used by its approximately 3,000 regional and community bank clients.
The platform, expected to be launched by the end of 2024, will be compatible with other stablecoins and enable easy connection with the 10,000 financial institutions and millions of merchant locations in Fiserv’s network. The company’s stablecoin will be called FIUSD, though banks could work with Fiserv to create their own branded coins.
Fiserv will build the platform on top of its existing payments and financial-services technology infrastructure, which already processes trillions of dollars in transactions annually. According to Fiserv Chief Operating Officer Takis Georgakopoulos, the venture will "democratize access" in the stablecoin market.
For the initiative, Fiserv is partnering with blockchain platform Solana and stablecoin companies Circle Internet Group and Paxos. The company also plans to announce a separate partnership with PayPal (NASDAQ:PYPL), which has its own stablecoin, and is in discussions with card networks for potential collaborations.
The move comes as Congress advances legislation that could accelerate stablecoin adoption for everyday transactions. Stablecoins function as digital dollars within the cryptocurrency ecosystem, allowing users to easily trade between different tokens.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.