Global payments giant Visa has introduced a project that aims to be a "universal adapter" of blockchains that can connect multiple cryptocurrencies, stablecoins besides as central banking concern digital currencies (CBDC).

According to an official proclamation on Thursday, Visa's research team is working on a "Universal Payment Channel" (UPC) initiative, a blockchain interoperability hub connecting multiple blockchain networks and enabling transfers of digital 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 a central depository financial institution digital currency [...] similar Sweden'due south eKrona, and others preferring a private stablecoin like USDC," Visa wrote, calculation that such a tool "well may be a reality" in the "not-too-afar futurity" with the UPC projection.

Developed past Visa's research and production teams, the UPC project is designed to constitute dedicated payment channels betwixt different blockchain networks, connecting CBDC networks between countries too as connecting CBDCs with private stablecoin networks.

The Visa research team originally began working on the UPC concept dorsum in 2022, developing an interoperability framework that would run independently of the underlying blockchain mechanisms.

Related: Microsoft wins US patent for 'ledger-independent token service'

"Ultimately, the UPC solution aims to serve equally a network of blockchain networks — calculation value to multiple forms of coin movement, whether they originate on the Visa network, or across," the announcement reads.

I of the earth's largest payments companies, Visa fabricated a major move into the crypto industry in 2022, partnering with blockchain firm Circle to support the USD Coin (USDC) stablecoin on sure credit cards. The company has since reaffirmed its delivery to crypto payments and fiat on-ramps, with a particular focus on stablecoin integrations.