MILWAUKEE, Wis.–Fiserv said it plans to launch by the end of the year a new Fiserv digital asset platform, including a new stablecoin (FIUSD), that it said will be added to its existing banking and payments infrastructure.
The move comes as enabling legislation that would establish a framework for stablecoins is close to passage in Congress.
“FIUSD presents Fiserv customers with access to a new, more efficient, and interoperable digital asset service for their banking and payment flows,” the company said. “Offering FIUSD across the company’s global multi-sided network, which includes relationships with approximately 10,000 financial institution clients and six million merchant locations processing 90 billion transactions annually, will provide instant scale for FIUSD while creating a digital asset network that clients can use to build new products and services.”
Fiserv said it plans to enable FIUSD through existing Fiserv technology at no additional cost to clients.
The Infrastructure
According to Fiserv, the FIUSD expects to use stablecoin infrastructure from Paxos and Circle Internet Group with the intention of making it interoperable with several leading stablecoins, and it will be available to Fiserv clients via Solana, “one of the most trusted and used blockchains for stablecoins.”
In addition, the company the company said it is “exploring the use of deposit tokens to maintain the benefits of stablecoins in a more capital-friendly structure for banks.”
Fiserv said it is in active in discussions with other potential partners to further expand use cases for stablecoins and tokenized deposits, both in the United States and internationally.
Rapid Expansion
Offering the programmability of blockchain with the stability and trust of fiat currency, the use of stablecoins and tokenized deposits in traditional banking and payments is expected to “rapidly expand” due to their ability to settle 24/7, streamline processes, increase efficiency, and power use cases where existing options may be limited, Fiserv said.
About the Solution
Fiserv said FIUSD enables financial institutions to maintain full control of their customer experience. Delivered through an easy-to-integrate Software Development Kit (SDK), it fits into existing Fiserv customer-facing platforms like Experience Digital and Commercial Center, Fiserv said.
“FIUSD will enable compliance through existing built-in features such as fraud monitoring, risk management, and settlement controls,” the company added.
To Leverage Core Processing Platform
Fiserv said the new digital asset platform will leverage its Finxact core processing platform as the underlying ledger and will be connected to its latest cloud-native orchestration, payments, and banking platforms, creating an interoperable, end-to-end fiat and digital ecosystem.
