- Fiserv will introduce a digital asset platform and stablecoin FIUSD later this year.
- The technology will run on the Solana Blockchain, with support from Paxos and Circle.
- Fiserv is collaborating with Paypal to enable interoperability between their stablecoins.
- The company serves over 10,000 financial institutions, six million merchants, and has $19 billion in annual revenue.
- The initiative also includes plans to work with regional banks on deposit token solutions.
Fiserv, a major company in the payments industry, is planning to launch a digital asset platform and its own stablecoin, FIUSD, later in 2024. The company is partnering with stablecoin providers Paxos and Circle to develop the technology, using the Solana blockchain. Fiserv also announced a new partnership with PayPal to ensure that their stablecoins can work together across platforms.
With more than $19 billion in annual revenues, Fiserv supplies banking systems to about 3,000 regional banks in the United States. The company provides services for over 10,000 financial institutions and six million merchants.
The company stated it will go beyond stablecoins and work with banks on deposit tokens. Deposit tokens are digital forms of traditional bank deposits, making it easier for banks to transact digitally.
Fiserv Chief Operating Officer Takis Georgakopoulos said, “With our scale, reach, and technology leadership, Fiserv is uniquely positioned to advance stablecoin-powered payments and help democratize access to blockchain financial services.” He added, “We believe FIUSD will provide our clients with the efficiency and optionality they need to thrive in the evolving banking and payments ecosystem.”
Georgakopoulos joined Fiserv last year after working at JP Morgan. While there, he led the payments division and was involved in launching the Onyx blockchain unit, now known as Kinexys.
In addition to working with stablecoins, Fiserv will collaborate with banks to explore new digital assets and payment solutions as technology in the financial sector evolves.
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