Stripe Courts Banks on Stablecoin-Powered Global Payments
Hey FinTech Fanatic!
Stripe is in talks with banks about using stablecoins for cross-border payments, according to co-founder John Collison, who told Bloomberg that financial institutions are “very interested” and no longer see stablecoins as “just a fad.”
This comes as Stripe doubles down on crypto and AI, two of its biggest bets for the future. The company, which processed $1.4T in payments last year, is building aggressively in both areas.
Last year, Stripe acquired Bridge, a stablecoin platform with clients like SpaceX and Stellar, in a $1.1B deal, and followed up with the announcement of a US dollar stablecoin product aimed at businesses outside the US, UK, and EU.
Just this month, Stripe launched:
- Stablecoin Financial Accounts in 101 countries
- A new AI model (Payments Foundation Model) to reduce fraud and improve approval rates
Behind the scenes, Stripe now has a 100-person team focused on stablecoins and crypto, with plans to scale across SF, NY, Dublin, and London.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
Cheers,
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