Fortune 500 firm Fiserv to launch stablecoin on Solana

Fiserv, a Fortune 500 company listed on the New York Stock Exchange, plans to launch a bank-friendly stablecoin that it says will go live on Solana in the coming months.

In an announcement, Fiserv said the stablecoin will leverage the technology of Paxos and Circle, issuer of USDC (USDC). FIUSD, the new U.S. dollar backed digital asset, will go live on Solana (SOL) by the end of 2025, Fiserv said in a press release.

FIUSD to integrate Fiserv’s banking system

Fiserv plans to integrate the new stablecoin with the firm’s existing banking and payments system, with the infrastructure allowing customers easier and more efficient access to digital services via their banking and payment flows.

Fiserv’s platform is also designed to leverage the firm’s Finxact core processing system as the underlying ledger. The platform will also connect to Fiserv’s various systems, including cloud-native orchestration, payments, and banking.

According to the team, FIUSD’s launch will expand Fiserv’s global reach, bringing more users from across 10,000 financial institutions into the network. The company also boasts six million merchant locations, with approximately 90 billion transactions processed annually.

Partnership with PayPal

Apart from Paxos and Circle Internet Group, Fiserv says it is talking to other companies about potential partnerships. The goal is to tap into these collaborations to expand access to and use of stablecoins and tokenized deposits.

The company said in a separate press release that it was partnering with PayPal Holdings to enable interoperability between Fiserv’s stablecoin FIUSD and PayPal USD (PYUSD). PayPal launched PYUSD in 2023 and is one of the USD-backed stablecoins competing with Circle’s USDC and Tether (USDT).

Efforts to tap into the fast-paced adoption of stablecoins amid regulatory milestones in the U.S. has made other projects such as Ripple’s RLUSD attract attention.

Several major banks and financial institutions are also keen on the sector, particularly as the U.S. moves closer to the GENIUS Act becoming law.