Visa has filed an application to create digital currency on a blockchain with the U.S. Patent and Trademark Office. It is meant to replace physical currency. The system utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.
Described as ‘Digital Fiat Currency’ the patent was initially filed by Visa on November 8, 2019, with the USPTO commenting today, “It takes quite a while…” to publish the filing of a patent.
The application describes a centralized process to maintain the value of the stable coin, “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.”
“Visa has a vast global team of inventors and innovators working on cutting edge payment technologies. Each year we seek patents for hundreds of new ideas,” says a Visa spokesperson. “While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations, and the Visa brand.”
