Stripe, the payment giant, is reportedly close to acquiring Bridge, a stablecoin-focused payment firm backed by Sequoia. Although this deal has yet to be cast in stone, it could solidify Stripe’s position as a leader in crypto payment solutions if it pulls through. With a stronger focus on stablecoins and cross-border transactions.
Stripe’s continued expansion into crypto signals that the payment giant is ready to embrace digital assets in a big way.
Stripe Revive Crypto Ambitions
Stripe embraced Bitcoin (BTC) in 2014, becoming the first major payment company. However, in 2018, it halted the service due to long transaction times and high fees. Now, after a six-year pause, Stripe is re-entering the crypto market.
The company recently added Circle’s USDC payments on Ethereum, Solana, and Polygon for U.S. merchant businesses. This move marks its significant comeback. Notably, the payment fintech firm had teased this reintroduction of crypto payments in the form of stablecoins since April
Expanding Crypto Offerings Across the Globe
In addition to its USDC integration, Stripe has been ramping up its crypto services in Europe. The company added a crypto widget that allows vendors to sell Bitcoin, Ethereum, Solana, and other digital assets directly from their websites.
In partnership with Coinbase, Stripe also enables users to buy crypto using credit cards or Apple Pay through the non-custodial Coinbase Wallet. Mercuryo, a global financial service provider, made a similar move in September.
The fintech firm partnered with Mastercard to roll out an innovative crypto debit card for European users. This card aims to connect self-custodial crypto wallets with conventional payment methods.
Bridge, a Key Player in Cross-Border Payments
Bridge, co-founded by former Square and Coinbase executives, aims to integrate stablecoins into everyday financial systems. Its platform enables cross-border payments and foreign currency exchanges using stablecoins like USDC and Tether (USDT).
Bridge has partnered with Bitso to facilitate cross-border payments in Latin America. In August, Bridge raised $58 million from top investors like Sequoia, Ribbit, Index, and Haun Ventures.
Widespread Adoption of Stablecoin
Stripe’s move comes as most of the top crypto firms in the United States are pivoting toward stablecoin launches. Fintech companies such as Paypal, which launched the PYUSD token, are now exploring the digital asset class.
Remarkably, the United Arab Emirates is set to have a stablecoin backed by its local currency, dirham. The Central Bank of the United Arab Emirates (CBUAE) recently granted in-principle approval to AED Stablecoin.
The rising demand for faster, cheaper payments has made stablecoins a valuable tool for global commerce. The digital asset is becoming essential for businesses, with 30 million users moving $3.2 trillion in stablecoins monthly.
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