Breaking: VISA Unveils Layer-2 Interoperability Platform For Stablecoins
Visa, the payment processing giant is expanding its crypto infrastructure with a new stablecoin interoperability focused layer-2 solutions that would allow Central Bank Digital Currencies (CBDCs) and private stablecoins to be transferred between different blockchain. The new platform would be called the “universal payments channel” (UPC). The development of the stablecoin layer 2 solutions can eradicate the issue of how different CBDCs can be handled on a single blockchain. The white paper read,
“the UPC technology can play an important role between private stablecoins and public CBDCs by providing permissioned access for whitelisted stablecoins to be interoperable with CBDCs.”
While explaining the utility of the UPC system, Visa wrote,
“Imagine splitting the check with your friends, when everyone at the table is using a different type of money — some using CBDC like Sweden’s krona, and others preferring a private stablecoin like USDC,” The firm said UPC project would make it possible to pay and issue different forms of stablecoin on a single platform shortly.
“Ultimately, the UPC solution aims to serve as a network of blockchain networks — adding value to multiple forms of money movement, whether they originate on the Visa network, or beyond,”
The Visa team began its work on interoperability back in 2018 itself and when it formally got involved in 2020, the project picked steam.
Visa Building Base For Conquering Crypto
Visa over the past couple of years has shifted its focus majorly on the crypto market has dominated the traditional market for decades. Earlier in the second quarter, Visa had revealed that crypto-related transactions have exceeded over a billion-dollar in the first 5 months of 2021. They also revealed plans of building an infrastructure to make crypto the most used currency in the world.
Along with Visa, Mastercard, another payment processing giant is also actively working towards building new infrastructure for crypto expenditure and payments.
- Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
