Fiserv (FI) Soars as Banking Giant Bets Big on Stablecoin Adoption
Wall Street wakes up to crypto—again. Fiserv just sent its stock soaring with a play straight from the DeFi playbook: bringing stablecoins to traditional banks.
The move signals a tectonic shift—mainstream finance is finally tired of watching from the sidelines as crypto eats its lunch. But can legacy players actually compete with native crypto infrastructure?
One thing's certain: when the suits start copying crypto's homework, you know we've reached peak 'adoption.' Just don't expect them to admit they're playing catch-up.
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The push into crypto will give Fiserv’s network, which connects roughly 10,000 financial institutions and six million merchants, the ability to transact using digital tokens or Fiserv’s stablecoin FIUSD. The company said it plans to enable the stablecoin through its current technology at no additional cost.
Fiserv is partnering with stablecoin issuers Circle Internet Group (CRCL) and Paxos, and the blockchain platform Solana (SOL), on the project. In a separate announcement, Fiserv and PayPal Holdings (PYPL) said they would make FIUSD and the stablecoin PayPal USD interoperable in order to help “consumers and businesses to move funds domestically and internationally.”
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“With our scale, reach, and technology leadership, Fiserv is uniquely positioned to advance stablecoin-powered payments and help democratize access to blockchain financial services,” said Fiserv Chief Operating Officer (COO) Takis Georgakopoulos in a news release.
The venture marks another milestone for stablecoins, which are cryptocurrencies tied to another asset, typically the U.S. dollar of price of gold. Stablecoins have emerged as one of the hottest areas o crypto, with interest in them spreading throughout traditional financial markets and the broader U.S. economy.
CRCL stock has soared since its blockbuster June 5 initial public offering (IPO), with the stock up more than 650% from an offering price of $31. Retail giants Walmart (WMT) and Amazon (AMZN) have discussed issuing their own stablecoins to customers, according to recent media reports.
