Stripe opens testing for new stablecoin product following Bridge acquisition

Stripe, a global payments platform, is building a new US dollar stablecoin product for companies based outside the United States, the United Kingdom and Europe in a move that may further expand the footprint of the dollar around the world.

Stripe CEO Patrick Collison confirmed the product on X, posting an invitation for companies interested in testing the solution. The move gained traction after Stripe recently received regulatory approval to acquire the stablecoin payments network Bridge.

Bridge's network competes with banks and companies that use the SWIFT system, a global financial messaging network that facilitates international wire transfers. Two former Coinbase executives, Zach Abrams and Sean Yu, co-founded the company in 2022.

Related: Former Square, Coinbase execs raise $58M for Bridge stablecoin network

Stripe has a long-standing history with crypto, becoming the first major payments processor to integrate Bitcoin (BTC) in 2014. However, it discontinued support due to Bitcoin’s long transfer times and high transaction fees. The company began rebuilding its crypto team in 2021 as part of a renewed push into the space.

Stripe has recently accelerated that push. In October 2024, the company introduced a stablecoin payment option, which users adopted in over 70 countries on the first rollout day. In June that year, Stripe partnered with Coinbase to offer fiat-to-crypto conversions. Collison noted on X that Stripe's latest crypto initiative is something the company has "wanted to build for around a decade."

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to assets like fiat currencies. In the United States, USD-backed stablecoins have increasingly gained attention at the federal level, with figures like US Federal Reserve Chair Jerome Powell calling for dedicated legislation. PayPal launched its own stablecoin in 2023 and recently announced that it would begin offering yield to holders of its token.

As of April 25, the stablecoin market cap stands at $237.5 billion, according to DefiLlama.

Magazine: Bitcoin payments are being undermined by centralized stablecoins