Fiserv announced a new standard for interoperability with PayPal to establish Stable Coin, based on Solana's FIUSD, coming by the end of the year!

Fiserv (NYSE code FI) announced that it will launch a new Stable Coin FIUSD based on Solana Blockon-chain at the end of this year. This is a digital Stable Coin that supports the Exchange Rate equivalent to the US dollar, designed for the scenarios of banks, Financial Institutions, and commercial applications. Fiserv will have a long-term Stable Coin partnership with PayPal, and the Stable Coins issued by the two companies can be exchanged, further simplifying cross-border payments, merchant Settlement, and instant payment processes.

Stablecoin is first natively embedded in the global financial infrastructure

FIUSD will be directly integrated into the Fiserv platform to process over 90 billion transactions annually, covering the Clover POS system and digital platforms Experience Digital and Commercial Center. The FIUSD Stable Coin will be deployed on the high-performance, low-latency Solana Blockchain, combining Paxos and Circle's technical support to ensure interoperability and compliance under multiple Stable Coin standards.

Through the built-in SDK, banks and merchants can easily integrate FIUSD to track transactions on the Finxact core ledger platform. The overall system will also extend to Fiserv's existing fraud detection, risk management, and Settlement control functions, ensuring high security and regulatory compliance for Stable Coin applications.

Interoperable new standard for cross-platform connectivity between FIUSD and PYUSD

Fiserv deepens cooperation with PayPal to expand the application scenarios of Stable Coin. The FIUSD and PayPal issuance's PYUSD can be interoperable, supporting cross-border transfers, real-time payments, merchant settlement, and other financial scenarios after integration, improving global payment efficiency, shortening the settlement time for funds, and streamlining traditional processes.

FIUSD uses Paxos and Circle Internet Group, Inc. (NYSE: CRCL)'s Stablecoin infrastructure to integrate financial trading platforms. Fiserv's Chief Operating Officer, Takis Georgakopoulos, said that Fiserv has a unique advantage in advancing the field of Stablecoin payments, which can enhance the efficiency of banking services. Stablecoin and tokenized deposits combine the programmability of Blockchain with the stability and credibility of fiat currency, enabling 24/7 Settlement, streamlining bank operations, and improving efficiency. Therefore, its application in traditional banking and payment fields will rapidly expand.

Paxos strategy chief Walter Hessert said Paxos is excited to partner with Fiserv to provide real-time solutions for global banks and agents through the integration of the platform with the Fiserv network.

The SDK software development kit launched by FIUSD is compatible with Fiserv's existing customers (Experience Digital and Commercial Center. FIUSD will achieve compliance through existing built-in functionalities such as fraud monitoring, risk management, and Settlement control.

This article announces that Fiserv and PayPal have established a new standard for Stable Coin interoperability, and FIUSD based on Solana will be launched by the end of the year! First appeared in Chain News ABMedia.