Key facts:
The protocol will allow multiple digital wallets to be connected.
Transactions can be made from CBDC to stablecoins and vice versa.
The International financial services corporation Visa has developed a new concept called “Universal Payment Channel” (or UPC). This new tool will open the doors, in the future, to interconnect multiple blockchains, which will allow the transfer of stablecoins and central bank digital currencies (CBDC), among other assets.
In a statement from Visa, they state that UPC should be seen as a “universal adapter between blockchains, allowing central banks, businesses and consumers to seamlessly exchange value, regardless of the form factor of the currency.”
That is, the new protocol, among other things, will allow the sending a stablecoin , which will then be automatically converted into a CBDC.
Also, all of this would happen instantaneously, across multiple networks and would be compatible with multiple digital wallets .
As envisioned by Visa, central bank digital currencies are likely to “play an important role in the future” as “In the last two years, central banks around the world have shown increasing interest in exploring CBDC.”
In fact, CriptoNoticias revealed last May, that approximately the 80% of central banks in the world are exploring the use of digital currencies of central banks. In addition, 40% are already carrying out proofs of concept.
UPC would work outside of blockchains
Given the above mentioned, without a doubt, Visa wants to take advantage of the CBDC with the Universal Payment Channel. In that sense, consider that the success of CBDCs must be made up of the ability to make and receive payments , regardless of currency, channel or form factor and that’s where the UPC concept announced by the company would fit in.
Later in the letter, Visa explains that “UPC’s specialized payment channels would be established outside the
blockchains
and would take advantage of smart contracts to communicate with the various networks in a secure way and reliable and improving speeds, in general. ”
Visa aims for greater integration of stablecoins
Visa’s interest in working with stablecoins already has a history reported by CryptoNews.
Last May, the company settled its first transaction with the stablecoin USD Coin (USDC) . The operation was a pilot plan in which the Crypto.com exchange and the digital asset bank, Anchorage also participated.
The coins stable, as indicated by the Cryptopedia , the educational section of CriptoNoticias, are tokens that maintain parity in their price with that of another currency.
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