Bridge, a stablecoin payment network co-founded by former Square and Coinbase executives Zach Abrams and Sean Yu, has raised $58 million in funding. The network aims to create a global payment system using stablecoins to compete with traditional systems like Swift and credit cards. Investors like Sequoia, Ribbit, and Index have contributed to Bridge's funding. Notably, SpaceX and Coinbase are among Bridge's clients. The network collaborates with Stellar and Strike to support stablecoin payments. Despite challenges, the stablecoin market continues to grow, with Tether and USD Coin leading the way. However, the market faced a setback in 2022 when TerraUSD lost its peg to the US dollar. Despite this, stablecoins like PayPal USD are gaining traction. The stablecoin market remains an attractive investment option, with PayPal USD surpassing $1 billion in market capitalization. Read more AI-generated news on: https://app.chaingpt.org/news