VISA firm is working on the development of blockchain platform that will allow central bank Digital Currency & all stablecoins transactions through a single channel.
Giant payment firm Visa is continuously working to expand their financial infrastructure & ecosystem within the blockchain industry. Recently Visa established many partnerships with crypto services to make Visa more favourable toward the crypto ecosystem. Now Visa is going to connect all the stablecoins networks together.
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Through the recent announcement, Visa firm explained that they are working on the development of stablecoin interoperability focused layer-2. This new development channel is termed as universal payments channel (UPC).
UPC channel will connect all blockchain networks of stablecoins whether they are Tether, USDC or Central Bank Digital Currency (CBDCs). So Visa’s UPC will allow cross chain transactions easily without any tension of different coins ( stablecoin).
Visa firm also explained the practical usage of UPC and added
“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 US USDC…..UPC project would make it possible to pay and issue different forms of stablecoin on a single platform shortly”
Visa firm started to work on the development work in 2018, but in recent times development work reached its peak.
Usually making a cross chain protocol is a very tedious task for the blockchain developers because of the different blockchain network, consensus & scalability but here Visa’s development work “UPC ” proves that how much the Visa’s blockchain developer team have potential & talent.
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