Today, June 25, 2024, Fiserv announced the launch of FIUSD, a new stablecoin platform, and a partnership with PayPal. This move marks Fiserv's entry into the cryptocurrency space, aiming to integrate digital assets into traditional financial systems. The initiative seeks to enhance payment solutions for its extensive network.
FIUSD, built on the Solana blockchain, is designed for seamless digital transactions. It will be used by approximately 10,000 financial institution clients and 6 million merchant locations. The platform leverages infrastructure from Circle and Paxos for compliance and risk management.
The partnership with PayPal allows for the transfer of stablecoins between platforms. This collaboration streamlines cross-border transactions, payouts, and vendor payments. Fiserv's stock price is currently 172.66 USD, while PayPal's stock price is 73.58 USD. Binance-Peg SOL is trading at 145.3 USD.