International payments heavyweight Visa has reportedly rolled out an initiative with a target of becoming a “universal adapter” of blockchains, linking numerous crypto coins, stablecoins, and CBDCs. 

Specifically, Visa’s research group is reportedly spending efforts on a “Universal Payment Channel” (UPC) project – a blockchain interoperability hub looking to establish a connection among numerous blockchain networks, as well as facilitate transfers of virtual assets from different protocols and wallets.

“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 eKrona, and others preferring a private stablecoin like USDC,” VISA remarked, additionally claimed that a solution of this kind “well maybe a reality” in the “not-too-distant future” with the UPC initiative.

Designed by Visa’s research and product division, the UPC initiative is reportedly expected to function with a primary target of forming dedicated payment channels between different blockchain networks, linking cross-nation CBDC networks, together with forming connections between CBDCs and private stable coin networks.

The Visa research team initially started their work on the UPC concept three years ago (2018), designing an interoperability framework having the ability to operate in an independent manner from the underlying blockchain mechanisms.

“Ultimately, the UPC solution aims to serve as a network of blockchain networks — adding value to multiple forms of money movement, whether they originate on the Visa network, or beyond”. 

Visa – among the giants of the global payment sector – reportedly established concrete footprints across the crypto sphere last year, via forming an alliance with blockchain entity Circle, to facilitate the USD Coin (USDC) stablecoin on certain credit cards.