Gossip About Gossip: Proof of Reserve – Addressing Stablecoin Uncertainty with WorldPay by FIS
FIS is a global company behind daily transactions, banking, and investments. “I always like to say that FIS is probably the largest company you’ve never heard of,” said Nabil Manji, Senior Vice President, General Manager, Head of Crypto & Web3 at WorldPay. “What we do is provide the core infrastructure, software, business process outsourcing, and other services and products into the financial services ecosystem.” As the largest payment processor in the world, you’ve likely used FIS in the purchasing process.
Manji is an active member of the Hedera Governing Council. FIS and WorldPay are forward-thinking. “We’ve always known that blockchain is something we need to keep tabs on to maintain relevance,” said Manji. In particular, WorldPay has been paying attention to Stablecoins. “Stablecoins speed up payments, make payments quicker, etc., particularly for multinational companies operating across different currencies and countries,” said Manji.
WorldPay offers its clients the ability to receive proceeds in Stablecoin more quickly, more cheaply, and with a more flexible calendar. There are 75 stablecoins on the crypto scene as of early Q2, 2022 (U.Today). “The transparency around reserves for certain Stablecoins still maybe isn’t exactly where the industry or certain participants in the industry maybe want it to be,” said Manji. The FIS and WorldPay Proof of Reserve create transparency and trust.
“For each transaction where we mint and send out Stablecoins, some sort of proof that we, as WorldPay, have actually provided the minting party, whether its Circle, Coinbase, Paxos, or Finance, whatever stable fund you’re using, that we provided that party with the equivalent amount of Fiat to mint the amount of stablecoins we minted and then sent to you, the client,” saint Manji. The transparency around a public ledger provides comfort. Learn more about the Proof of Reserve use case on the episode now.