Stripe is ramping up its stablecoin capabilities, expanding the provision for businesses to receive and hold payments on cryptocurrency rails.
Following on from Stripe’s acquisition of stablecoin platform Bridge, the San Francsico-based payments giant has unveiled a new money management service powered by stablecoins.
Stablecoin Financial Accounts will enable businesses to hold a balance in stablecoins and distribute them anywhere in the world, Stripe announced on Thursday.
At its annual event Sessions, CEO Patrick Collison described stablecoins along with AI as “not one, but two, gale-force tailwinds, well off the Beaufort scale, dramatically reshaping the economic landscape around us.”
“We’re building programmable financial services to make money as easy to manipulate and manage with code as data is,” Will Gaybrick, Stripe’s president of product and business, added.
Stripe recently said it was preparing a new stablecoin payments pilot aimed at companies based outside the United States, the United Kingdom, and the European Union.
Free from the volatility that remains inherent to cryptocurrencies like BTC, stablecoins have been flagged as a potential breakout use case for blockchain technology. Citi predicted that the sector could grow to a $3.7 trillion market cap by 2030, which would constitute a 15-fold growth from its current cap of around $242 billion.
Read More: Visa Doubles Down on Stablecoins With Investment in Blockchain Payments Firm BVNK
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