Funtap
Fiserv (NYSE:FI) and PayPal (NASDAQ:PYPL) on Monday said that they are partnering to build future interoperability between FIUSD and PayPal USD (PYUSD), to allow consumers and businesses to move funds domestically and internationally.
Combining the global reach of Fiserv (NYSE:FI) and PayPal (NASDAQ:PYPL) across banking, consumer, and merchant payments, interoperability will allow both firms to further expand the use of stablecoins and programmable payments around the globe, the companies said.
The two companies will strive to identify key opportunities for integrating FIUSD and PYUSD into payment flows, including cross-border transactions, payouts, and merchant solutions.
Fiserv (NYSE:FI) shares rose in premarket trade on Monday after the company confirmed plans to launch a new digital asset platform, including a new stablecoin (FIUSD) that will be added to its existing banking and payments infrastructure by the end of the year.
Shares of Fiserv (NYSE:FI) gained as much as 7.1%.
PayPal Holdings (NASDAQ:PYPL) last week said it is planning to make its dollar-pegged stablecoin, PayPal USD (PYUSD-USD), available on the Stellar (XLM-USD) blockchain.
In a landmark event for the cryptocurrency industry, the U.S. senate last week passed legislation that would create a regulatory framework for stablecoins – a type of digital token whose value is tied to an actual asset such as fiat money or gold.