The global payment giant Visa has launched a project that aims to become a “universal adapter” for the blockchain that can connect multiple cryptocurrencies, stablecoins, and central bank digital currencies (CBDC).
According to the official announcement on Thursday, Visa’s research team is Serving In the “Universal Payment Channel” (UPC) program, the Blockchain Interoperability Center connects multiple blockchain networks and supports the transfer of digital assets from different protocols and wallets.
Visa writes: “Imagine separating the check from your friends when everyone at the table uses different types of currencies—some people use a CBDC like Sweden’s eKrona, while others prefer a private like USDC. “Stablecoins,” he added, and such tools “are likely to become a reality in the “near future” through the UPC project.
The UPC project developed by Visa’s research and product team aims to establish dedicated payment channels between different blockchain networks, connect CBDC networks between countries, and connect CBDC and private stablecoin networks.
The Visa research team initially began to study the UPC concept in 2018 and developed an interoperability framework that can operate independently of the underlying blockchain mechanism.
“Ultimately, the UPC solution aims to act as a network of blockchain networks-adding value to multiple forms of capital flows, whether they come from the Visa network or other networks,” the announcement read.
As one of the world’s largest payment companies, Visa has taken a big step into the crypto industry in 2020. Cooperation with the blockchain company Circle Support for USD coins (USDC) Stable currency on certain credit cards.The company has since Reiterate its commitment to encrypted payments And the entry of legal currency, with special attention to stable currency integration.