VISA which is a general payment processing giant is expanding its crypto infrastructure with a layer-2 solution will focus on interoperability that will allow CBDC and stablecoin crypto assets to be transferred between different blockchains.
The new platform is called a "universal payment channel" (UPC). The development of a reliable ‘layer 2’ solution can offer a solution to how different CBDCs can be addressed in a single blockchain.
In a written statement, UPC technology could play an important role between ‘private stablecoin’ and CBDC. In explaining the use of the UPC system, Visa noted that sometimes there are instances where everyone uses different types of crypto assets such as CBDC and USDC. Here UPC will play an important role to enable to pay different ‘stablecoin’ on a single platform.
"Ultimately, the UPC solution will add value to various forms of money movement, whether it comes from the VISA network, or other networks," - VISA
VISA in recent years has shifted its focus primarily to the crypto market after successfully capturing traditional markets in decades. Earlier in the second quarter, Visa had revealed that crypto -related transactions had exceeded one billion dollars in the first 5 months of 2021. They also revealed plans to build the infrastructure to make crypto the most widely used digital money in the world.
