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Visa Working on Interoperability Platform for Stablecoins, CBDCs

The channel would allow cryptocurrencies to be transferred between different blockchains.

By Jamie Crawley
AccessTimeIconSep 30, 2021 at 11:59 a.m. UTC
Updated May 11, 2023 at 5:45 p.m. UTC
(Sinisa Botas/Shutterstock)
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Payments behemoth Visa has proposed a platform to enable interoperability between central bank digital currencies (CBDCs) and other stablecoins.

  • The “universal payments channel” (UPC) aims to allow the cryptocurrencies to be transferred between different blockchain networks.
  • In a white paper, Visa said “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.”
  • The UPC protocol will allow payments through an entity known as the “UPC Hub,” which would be a trusted gateway to read the state of two ledgers, checking the eligibility of every payment.
  • With almost every major economy in the world exploring the development of a CBDC, questions have been asked about how different currencies could interoperate and eyes have turned to companies like Visa to provide such a service.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter

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