Global payments giant Stripe is developing a U.S. dollar-backed stablecoin aimed at companies operating outside the United States, United Kingdom, and Europe.
Stripe CEO Patrick Collison confirmed the initiative in a recent post on X, inviting businesses to participate in early testing of the product.
The announcement follows Stripe’s regulatory approval to acquire Bridge, a stablecoin payments network designed to rival traditional banking systems and SWIFT-based transfers.
Bridge was co-founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu.
Stripe Pioneered Crypto Payments in 2014 with Early Bitcoin Support
Stripe’s involvement in crypto dates back to 2014 when it became the first major payments processor to support Bitcoin (BTC) transactions.
However, due to network inefficiencies and high fees, the company halted Bitcoin support before reviving its crypto ambitions in 2021 by rebuilding its blockchain team.
Since then, Stripe has accelerated its crypto push. In October 2024, the firm launched stablecoin payment options, which saw rapid adoption across 70 countries on its first day.
Earlier that year, Stripe partnered with Coinbase to facilitate fiat-to-crypto conversions.
Collison remarked that this latest stablecoin project is something Stripe has “wanted to build for around a decade.”
Stablecoins, which are pegged to assets like fiat currencies, continue to gain traction globally as efficient tools for cross-border payments and financial stability.
In the U.S., regulatory focus on USD-backed stablecoins has intensified, with Federal Reserve Chair Jerome Powell calling for clear legislation.
Meanwhile, companies like PayPal have entered the space, launching their own stablecoins and offering yield incentives to holders.
As of April 25, the total stablecoin market capitalization stands at $237.5 billion, according to DefiLlama, signaling robust demand for digital dollar solutions in global finance.
Jack Dorsey Urges Signal to Adopt Bitcoin for P2P Payments
Earlier this month, Jack Dorsey, former Twitter CEO and outspoken Bitcoin advocate, publicly urged Signal Messenger to integrate Bitcoin for peer-to-peer (P2P) payments.
Dorsey’s call was echoed by David Marcus, former president of PayPal and current CEO of Lightspark, who stated that “all non-transactional apps should connect to Bitcoin.”
The comments reflect a growing sentiment among Bitcoin advocates to reposition BTC not just as a store of value, but as a practical payment tool.
Venture capital firms are increasingly backing projects focused on stablecoin services and financial infrastructure.
The sector’s potential was further underscored by payments giant Stripe’s acquisition of stablecoin platform Bridge for $1.1 billion last year, signaling strong institutional interest in blockchain-based financial solutions.
Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.
More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
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