Fiserv to offer stablecoin

It appears that bitcoin and blockchain, designed to challenge the incumbent financial system, has finally been tamed and house-trained. Remember the days when critics of bitcoin worried that it used country-sizes amounts of energy?

AI has taken over that role now. Fiserv, one of the leading providers of financial technology services, said it will launch a new digital assets platform with its own stablecoin FIUSD, which it characterises as a 'bank-friendly coin'.

"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," said Fiserv in a statement on its website.

The company said it will deliver the service in through the infrastructure of newly public business Circle and Paxos, which operates the PayPal stablecoin. "Fiserv said it has partnered with PayPal to build future interoperability between FIUSD and PayPal USD(PYUSD), to allow consumers and businesses to move funds domestically and internationally," reports Reuters.

"Interoperability typically allows different stablecoins to function across platforms, enabling users to send, receive or convert between tokens without disruption." The Fiserv token will run on Solana blockchain. Fiserv stressed that the new coin would integrate with existing bank operations including "built-in compliance, fraud and monitoring systems".