Stripe opens testing for new stablecoin product following Bridge acquisition
Stripe is developing a US dollar stablecoin for companies outside the US, UK, and Europe, aiming to enhance the dollar's global presence. CEO Patrick Collison announced the initiative on X, inviting companies to test the product following regulatory approval to acquire the stablecoin network Bridge. Bridge competes with traditional banking systems like SWIFT. Stripe has a history with crypto, initially integrating Bitcoin in 2014 but halting due to transaction issues. The company re-entered the crypto space in 2021 and launched a stablecoin payment option in October 2024, which saw adoption in over 70 countries on its first day. Stripe's latest initiative has been in development for nearly a decade. The stablecoin market cap reached $237.5 billion as of April 25, with increasing federal attention on USD-backed stablecoins.
