Fiserv, a leading payments technology provider, is set to launch its own stablecoin, FIUSD, by the end of the year. This initiative, supported by partnerships with Paxos and Circle, aims to serve over 10,000 financial institutions and 6 million merchant locations, significantly enhancing payment capabilities within their extensive network. However, the more profound strategic implication lies in Fiserv's exploration of tokenized bank deposits. Unlike traditional stablecoins, which operate outside the conventional banking framework, tokenized deposits remain on a bank's balance sheet while gaining the benefits of blockchain technology, such as 24/7 instant and programmable settlement. This approach offers significant advantages: it provides the efficiency and speed of blockchain-based settlement without the regulatory complexities associated with funds leaving the traditional banking system. For financial institutions, this translates into enhanced capital efficiency. Should this model achieve widespread adoption, it could fundamentally transform the global financial settlement infrastructure. Existing systems like SWIFT, real-time payment networks, and correspondent banking could potentially become obsolete, paving the way for a new era of financial transactions. This move positions Fiserv not just as a participant in the stablecoin market but as a potential architect of tomorrow's core financial infrastructure, raising critical questions about the future landscape of value settlement.