Stripe is preparing to test new Stablecoin Payments products for businesses outside the US, UK and the European Union.
The company’s CEO, Patrick Collison, confirmed on social media that Stripe has been planning the service for nearly a decade and is open to pilot users.
The announcement comes after Stripe received regulatory approval to acquire Bridge, a payment platform founded by former Coinbase executives Zach Abrams and Sean Yu. Bridge’s infrastructure provides an alternative to traditional systems such as Swift for cross-border transactions.
Stripe’s Stablecoin Pilot Project comes as companies ranging from crypto companies to Tradfi Bank are piled up into the industry and trying to grab a part of the red-hot sector. In fact, Citi said that stubcoin could be a “chat” moment of blockchain adoption, and that markets, which are primarily locked in the US dollar, could grow to as much as $3.7 trillion by 2030 with regulatory support.
Stripes have a long history with cryptography. It was the first major payment processor to support Bitcoin payments in 2014, but later removed the features more than BTC’s slow transaction speed and fees.
Read more: Stablecoins is a “Whatsapp Moment” for remittances, says A16z
