Fiserv surges after Mastercard partnership to expand stablecoin adoption

Financial technology firm Fiserv FI.N shares jump ~ 6.13% to $180.94 premarket after the announcement of a partnership with Mastercard MA.N

Mastercard says it will integrate Fiserv's FIUSD stablecoin across its products and services

On Monday, Fiserv unveiled plans to launch its stablecoin FIUSD, after the U.S. Senate passed a landmark stablecoin bill last week

Stablecoins are pegged to currencies such as the U.S. dollar and designed to hold a steady value backed by reserves

Mastercard also plans to issue stablecoin-linked cards in partnership with Fiserv, enabling consumers and businesses to make payments using FIUSD

As of last close, stock down ~17% YTD