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1. What did the Dynamic co-founder say about Fiserv?
Itai Turbahn, co-founder of the wallet startup Dynamic, said in an interview released on October 21, 2026 that Dynamic's wallet infrastructure likely underlies some of the money that banks send to one another through Fiserv. Dynamic is now part of Fireblocks. Turbahn did not name a Fiserv product, and neither company has confirmed Dynamic's role.
Fiserv is a banking and payments technology company, and many financial institutions rely on its systems for day-to-day operations. Turbahn's remarks suggest that the plumbing beneath at least some of those operations may now include the kind of embedded wallets Dynamic builds.
In the conversation, which was recorded around October 15 and published on October 21 as a subscriber episode, he said banks "probably use Fiserv as that infrastructure between them." He added that the transfers are "powered by our wallet infrastructure too" and that they "happened through Dynamic wallet infrastructure." The wording is cautious: it describes a likelihood and not a documented arrangement.
2. What remains unconfirmed
The limits of the claim matter as much as the claim itself. Turbahn did not say which Fiserv product he had in mind, nor which transfers he was describing. Fiserv has not publicly disclosed that it works with any specific digital wallet provider, and Fireblocks has not publicly confirmed that Dynamic's technology is used in the way he described.
Fiserv has indicated that it intends to share more about its wallet arrangements before the end of the year. Until it does, the connection rests on one executive's description of how he believes the pieces fit together. A reader should treat it as a plausible but unverified account of the architecture.
There is one small piece of circumstantial evidence. Dynamic's customers page displays a Fiserv logo. A logo on a vendor's website is not a partnership announcement, and it does not say which Fiserv service, if any, uses Dynamic's tools. It does show that the two names have appeared in proximity to each other.
3. How Fiserv's digital asset platform works so far
Fiserv announced on October 1 that its digital asset platform was live with financial institution clients. The first working use is Roughrider Coin, a dollar-backed stablecoin tied to the Bank of North Dakota. More than 90 participating lenders across North Dakota can use the coin to move funds among themselves.
Those banks reach it through Commercial Center, Fiserv's online banking system, which institution clients already use for interbank transfers. That design means a bank officer does not need to learn a new crypto interface. The stablecoin appears inside a tool the institution already knows, which is a common way for established financial technology firms to introduce blockchain settlement.
The company's release assigned roles to several partners. Fireblocks provides secure digital asset infrastructure and tokenization services, VersaBank issues the coin, and the transactions run on the Solana blockchain. The release does not mention wallets or Dynamic, which is why Turbahn's comment drew attention: it fills in a layer the announcement left unaddressed, though only as an informed guess.
4. Where does Fiserv's own stablecoin fit?
In an interview on October 5, Sunil Sachdev, Fiserv's head of embedded finance and digital assets, said the company's FIUSD stablecoin is designed to work with other digital wallets as well as inside Fiserv's own closed system. A closed system is one in which the operator controls every participant. An open arrangement lets outside wallets hold and send the same token.
Sachdev said Fiserv had not named a particular wallet provider but expected to have news on the subject before the end of the year. That timeline lines up with the company's stated intention to say more about its wallet partners by then.
Taken together, the two statements leave room for several outcomes. Fiserv could name a single wallet partner, several, or none. Turbahn's remark therefore stands as an early signal from one candidate, not a settled answer about which vendor sits underneath Fiserv's stablecoin transfers.
5. Why would banks move money over a stablecoin?
A dollar-backed stablecoin is a token designed to hold a one-to-one value against the dollar. When banks exchange such a token over a blockchain, the transfer can settle directly between the parties, without waiting on the batch schedules that govern many traditional interbank systems. That is the central appeal for institutions experimenting with the technology, and it explains why a regional program such as the one in North Dakota is closely watched.
The model also raises practical questions that have little to do with the token itself. Someone has to hold the keys that control each participant's balance, someone has to decide who can approve a payment, and someone has to keep records that satisfy auditors. Wallet infrastructure is the layer that answers those questions, which is why the identity of the wallet provider matters even when the surface experience is a familiar banking screen.
For a lender with limited technical staff, outsourcing that layer to a specialist is usually more attractive than building it. That is the market Fireblocks and Dynamic both serve, and it is the context in which Turbahn's comment should be read.
6. What an embedded wallet does
An embedded wallet is a wallet built directly into another company's application. The user, or in this case the institution, does not download a separate crypto program or write down a recovery phrase. The application creates and manages the wallet on their behalf, usually with security controls that spread responsibility for the keys across several systems so that no single lost password can drain an account.
Developers choose this approach because it removes steps that cause users to abandon a product. A person who simply wants to send a payment is not asked to learn the vocabulary of blockchains first. Dynamic's pitch, as Turbahn described it, is to supply that machinery so that other firms can concentrate on their own products.
The same design explains why attribution is hard. When a wallet provider is embedded inside another company's software, its name rarely appears to the end user, and the company that sells the finished product may or may not publicize its suppliers. That is consistent with Fiserv's silence so far on the subject.
7. Why Dynamic matters inside Fireblocks
Fireblocks announced its acquisition of Dynamic on October 23, 2025. At the time, it said Dynamic's tools supported more than 50 million onchain accounts. Those figures give a sense of the scale at which the startup's software already operated before it joined a larger infrastructure company.
Turbahn described Dynamic as a service that gives developers wallet infrastructure they can build into their own applications, so that users do not have to handle seed phrases or private keys. A seed phrase is the string of words that restores access to a wallet, and a private key is the secret that authorizes transactions. Losing or mishandling either can mean losing funds, which is a major obstacle for ordinary users and for institutions that do not want customers managing secrets.
Inside Fireblocks, these application-level wallets are paired with systems for treasury operations at large companies. The combination lets a business offer wallets to customers while also managing its own balances and settlement with the same provider.
8. Fireblocks' push into payments
Fireblocks has been adding services aimed at payments companies. Among them is a stablecoin liquidity marketplace that it opened on October 15. Payments firms often need to convert between currencies and tokens quickly, and a marketplace that connects them to liquidity is meant to reduce the effort of doing so.
Turbahn also pointed to other places where Dynamic's technology appears, including the NFT marketplace Magic Eden and Circle's bridging tools. He said many people have probably used Dynamic products without knowing it, and without necessarily realizing they were using crypto.
That point is central to how he frames the Fiserv possibility. If wallet technology works well, it becomes invisible. A bank employee sending a transfer through familiar software would see a standard screen, while a wallet layer handles the movement of a stablecoin in the background.
9. Why the open versus closed distinction matters
Sachdev's comment that FIUSD will work with outside wallets as well as within Fiserv's closed system points to a design choice with consequences. In a closed system, the operator can guarantee behavior but limits who can take part. In an open one, holders can move the token to wallets that Fiserv does not control, which widens use but also shifts some responsibility to the wallet providers that connect to it.
If Fiserv does name wallet partners later this year, the list would show how far it intends to open the system. A single named provider would suggest a tightly managed network, while a broader list would suggest an effort to make the stablecoin portable across applications.
10. What to watch before year-end
The next development to watch is Fiserv's promised disclosure. The company has said it aims to provide more detail on its wallet arrangements before the end of 2026, and that update would show whether Dynamic is a named participant or whether Turbahn's description refers to something not yet public.
Observers will also look for any confirmation from Fireblocks about the specific Fiserv product involved. Without that detail, it is not possible to say how many banks, or what volume of transfers, might touch Dynamic's infrastructure.
For now, the verifiable facts are narrow: a live stablecoin on Fiserv's platform, a named group of partners that does not include a wallet vendor, a Fiserv executive who expects to name one this year, and a Fireblocks executive who believes his company's wallet layer is already part of the picture.