- The launch follows Stripe’s regulatory approval to acquire Bridge, a stablecoin payments platform founded by former Coinbase executives.
- Stripe first entered the crypto space in 2014 by integrating Bitcoin transactions, but later withdrew.
Stripe has announced a pilot program for a new stablecoin payment product, inviting businesses outside the United States, the United Kingdom, and the European Union to test it.
Stripe CEO Patrick Collison confirmed the stablecoin project on the social media platform X, noting the company’s long-standing plan to deepen its crypto involvement. The announcement follows Stripe’s regulatory approval to acquire Bridge, a stablecoin payments platform founded by former Coinbase executives Zach Abrams and Sean Yu.
Bridge’s technology offers an alternative to the SWIFT network, aiming to streamline cross-border transactions with faster and potentially cheaper solutions.
The timing could prove advantageous. Citi analysts recently compared stablecoins to a “ChatGPT moment” for blockchain, predicting the market could soar to $3.7 trillion by 2030 if clear regulations emerge, Coindesk reported. With the current stablecoin market valued at $237.5 billion, according to DefiLlama, Stripe’s new initiative positions it to capture early growth in an evolving landscape.
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Stablecoins Gain Momentum In Mainstream Finance
Stripe’s relationship with cryptocurrencies dates back to 2014 when it became the first major payment processor to integrate Bitcoin transactions.
However, it later dropped Bitcoin support due to high fees and sluggish confirmation times. The company reignited its crypto ambitions in 2021 by rebuilding its blockchain-focused team.
Progress came quickly. In June 2024, Stripe partnered with Coinbase to offer fiat-to-crypto conversions. Later that year, it launched a stablecoin payment option in over 70 countries on the first day of release.
Now, with Bridge’s infrastructure backing the latest stablecoin pilot, Stripe is signaling its commitment to expanding its crypto offerings beyond its traditional strongholds.
Stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, continue to draw attention from financial regulators and institutions alike. Figures like Federal Reserve Chair Jerome Powell have pushed for dedicated legislation, while companies like PayPal launched their own stablecoins to capitalize on rising interest.
