VISA discloses the release of a new platform that allows the transfer of Central Bank Digital Currencies and stablecoins across different blockchains. This platform presents digital assets as a new form of payment. The platform will act as a payment gateway for different CBDCs and stablecoins.
The new platform that VISA unveiled works on the protocol named “universal payments channel,” better known as the UPC. The UPC will be capable of sending and receiving cryptocurrencies that are based on different blockchain networks. This will make crypto payments a lot easier than they already are.
A user of the platform will have access to a wide range of payment gateways. They can easily send a certain amount of crypto to the destination without any hassle.
VISA proposed the whitepaper for the new platform
VISA released the white paper for the proposed new platform for the exchange of blockchain-based tokens. The white paper contains all the details related to the new project led by VISA. The white paper said,
“We envision a future payment network that may be built on top of DLT networks without being subject to their limitations on interoperability, scalability, and availability faced by DLT payment solutions today.”
The Universal Payments Channel or the UPC will be used to integrate the gateway for the transfer of public CBDCs and private stablecoins that are permitted by monetary authorities.
Use cases for the UPC protocol
The UPC protocol will be used as a gateway for cross-border payments. This means that regardless of nationality, people will be able to send or receive CBDCs and stablecoins as well. This makes VISA one of the first payment gateways to actually present the idea of a new platform for interoperation between CBDCs and private stablecoin blockchains.
VISA has also mentioned the future use cases for the payment protocol. They aim to implement the use of UPC-as-a-Service in the near future as well as a tool for liquidity management.
Read More
All News
Floppypepe ($FPPE) is your ticket to the moon. Escape the ordinary and reach for lunar gains with this AI meme token. Secure your spot now before it's too late.
Join Now