1 August 2026
Visa Seeks Patent For Digital Fiat Currency
Visa the payment giant has applied for a patent for creating digital currencies on centralized computers.
Visa has filed the patent with the U.S. Patent and Trademark Office and will use ethereum blockchain to generate digital currencies.
The application was published publicly on 14th May but it was filed back in November 2018. The patent to seek digital currency recorded on a blockchain and controlled by a central entity computer was filed by Alexander Pierre working with the Visa International Service Association in San Francisco.
They believe that Ethereum Blockchain will be the perfect network to make these digital currencies work. As per the application, it has two records, one of which would indicate “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet”. The other record notes the “removal of the physical currency from circulation in a fiat currency system.”
To maintain the value of the stablecoin the application describes a centralized process: “...every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency.”
Back in February, Coinbase had become a principal member of Visa that enables the exchange to issue debit cards for spending crypto. Also, two months later, the Fold app became part of Visa’s Fintech Fast Track Program to roll out a co-branded Bitcoin (BTC) cashback rewards card.
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