Stripe, the prominent global payments company, is in the process of creating a U.S. dollar-backed stablecoin specifically designed for businesses operating outside the typical financial jurisdictions of the United States, United Kingdom, and Europe.
CEO Patrick Collison announced this new initiative through a post on X, encouraging companies to engage in early testing of the upcoming stablecoin.
This announcement comes on the heels of Stripe receiving regulatory approval for its acquisition of Bridge, a stablecoin payment network that aims to challenge conventional banking systems and SWIFT transfers.
Bridge was co-founded in 2022 by former executives from Coinbase, Zach Abrams and Sean Yu.
Stripe’s Early Ventures into Cryptocurrency
Stripe’s journey into the realm of cryptocurrency began in 2014 when it became the first major payment processor to accept Bitcoin (BTC) transactions.
However, due to challenges like network inefficiencies and high transaction fees, the company paused its Bitcoin support. In 2021, Stripe reignited its interest in cryptocurrency by rebuilding its blockchain team.
Since that revival, Stripe has rapidly advanced its crypto initiatives. In October 2024, the company introduced stablecoin payment options, which experienced significant uptake across 70 countries on the very first day.
Earlier in the same year, Stripe collaborated with Coinbase to streamline fiat-to-crypto conversions.
Collison noted that the drive to create this stablecoin has been a goal for Stripe for nearly a decade.
We've wanted to build this product for around a decade, and it's now happening. https://t.co/zK9dADvGhG
— Patrick Collison (@patrickc) April 25, 2025
Stablecoins—currencies pegged to other assets like fiat—are increasingly recognized as effective mechanisms for cross-border payments and enhancing financial stability worldwide.
In the United States, the regulatory scrutiny on USD-backed stablecoins has sharpened, with Federal Reserve Chair Jerome Powell advocating for definitive legislation in this sector.
Meanwhile, companies such as PayPal have started to release their own stablecoins, providing incentives for users who hold these digital currencies.
As of April 25, the overall market capitalization for stablecoins reached $237.5 billion, as reported by DefiLlama, highlighting a robust demand for digital dollar solutions in the global financial landscape.
Jack Dorsey Calls for Bitcoin Adoption in P2P Payments
This plea was supported by David Marcus, the former president of PayPal and current CEO of Lightspark, who asserted that “all non-transactional apps should connect to Bitcoin.”
These statements reflect a burgeoning perspective among Bitcoin supporters aiming to establish the cryptocurrency not solely as a store of value but as a feasible payment option.
Venture capital interest is rising in projects that enhance stablecoin services and financial infrastructure.
The potential of this sector was notably illustrated by Stripe’s acquisition of the stablecoin platform Bridge for $1.1 billion last year, underscoring a significant institutional enthusiasm for blockchain-based financial solutions.
Beyond Stripe, other payment companies are also exploring the integration of stablecoins into their payment systems.
Recently, Singapore’s Triple-A payment company announced plans to add PayPal’s stablecoin to its supported tokens for customer transactions.
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