Stripe Launches Stablecoin Financial Accounts, Expands to 101 Countries
2min read Stripe, a leading global payment solution provider, has introduced Stablecoin Financial Accounts, a new feature that allows users to hold cryptocurrencies in the form of stablecoins. Initially, Stripe supports two dollar-denominated stablecoins: $USDC and $USDB, with plans to add more stablecoins in the future. This move comes just three months after Stripe's acquisition of Bridge, a stablecoin payment platform, and is part of a broader trend of increasing adoption of stablecoins as a store of value due to their ease of cross-border movement and faster transaction times.
Ask Aime: "Is Stripe's Stablecoin Financial Accounts a game-changer for cross-border payments?"
Stripe's new feature will initially be available in 101 countries, addressing the challenge of spending stablecoins at merchants that only accept fiat currency. Bridge is in discussions with visa to launch a global card that can convert stablecoin balances directly into fiat during purchases, making it usable at around 150 million merchants that accept VISA cards. This integration highlights Stripe's focus on leveraging stablecoins and artificial intelligence, two major economic trends.
In addition to Stablecoin Financial Accounts, Stripe has launched a multi-currency account that allows businesses to hold funds in multiple currencies, including USD, GBP, and EUR. This feature eliminates the need for unnecessary forex fees when making cross-border payments, streamlining the process for businesses operating in multiple regions. Stripe has also developed a world's first Payment Foundation Model, an AI-driven system trained on billions of transactions to identify fraudulent activities with high accuracy.
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