Fintech giant Fiserv is making a move into the cryptocurrency space by unveiling plans for a digital asset platform, which includes a stablecoin designed for financial institutions.
Recent actions in the U.S. regarding stablecoin regulation have sparked increased interest among banks. In May, the Wall Street Journal reported that major banks like JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo have been discussing the potential launch of a stablecoin. Additionally, Santander is reportedly considering its own initiatives in this area.
To facilitate this shift, Fiserv is offering support to banks. Their FIUSD stablecoin will utilize infrastructure from Paxos and Circle, positioning it as a bank-friendly option that provides clients with an efficient and interoperable digital asset service for banking and payment processes.
With FIUSD integrated into Fiserv’s extensive global multi-sided network—which includes partnerships with 10,000 financial institutions and six million merchants processing 90 billion transactions annually—the coin will benefit from immediate scale.
Set to launch by the end of the year, FIUSD will be available through Fiserv’s existing technology at no extra cost to clients and will be compatible with other stablecoins, having already formed a partnership with PayPal for its PYUSD.
Fiserv is also exploring the use of deposit tokens to offer the benefits of stablecoins while maintaining a more capital-friendly structure for banks.
Takis Georgakopoulos, COO of Fiserv, stated: “With our scale, reach, and technological leadership, Fiserv is uniquely positioned to advance stablecoin-powered payments and help democratize access to blockchain financial services.”