Stripe building Stablecoin to Challenge USDT, USDC, RLUSD
Stripe is now developing a new stablecoin product based on the US dollar, targeting businesses outside the US, UK, and Europe
Quick overview
- Stripe is developing a new US dollar-backed stablecoin aimed at businesses outside the US, UK, and Europe.
- CEO Patrick Collison announced the product on X, inviting companies to participate in beta testing following regulatory approval to acquire Bridge.
- Bridge's network offers an alternative to traditional banking systems like SWIFT, enhancing Stripe's competitive edge in international payments.
- Stripe has a history with crypto, having integrated Bitcoin in 2014, and is now focusing on stablecoins as part of its renewed efforts in the cryptocurrency space.
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Stripe is now developing a new stablecoin product based on the US dollar, targeting businesses outside the US, UK, and Europe. This initiative has sparked a unilateral shift toward strengthening the dollar’s global influence.
Patrick Collison, Stripe’s CEO, confirmed the new product on X by posting a request for companies interested in beta testing it. This announcement gained considerable attention after Stripe recently received regulatory approval to purchase Bridge.
Bridge’s network competes with banks and other corporations that utilize SWIFT, a global payment messaging system that facilitates international wire transfers. Co-founded in 2022 by Coinbase alums Zach Abrams and Sean Yu, this company operates on a radically different business model.
Stripe has a long history with crypto, integrated Bitcoin (BTC) in 2014, and became the first major payment processor. However, the company halted support due to long transfer times and high transaction fees. Efforts in the crypto space led to Stripe rebuilding its crypto team starting in 2021.
In recent years, they appear to have greatly increased that effort. On the first day of rollout, consumers in more than 70 countries embraced the stablecoin payment capability that the company had enabled.
Stripe and Coinbase partnered to provide fiat-to-crypto conversions. According to Collison on X, Stripe has “wanted to build for around a decade” with its most recent cryptocurrency endeavor.
Stablecoins are digital currencies linked to assets, such as fiat money, to maintain value. USD-backed stablecoins have garnered more federal attention in the US, with leaders like US Federal Reserve Chair Jerome Powell advocating for specific legislation.
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