Stripe has officially acquired the stablecoin platform Bridge for $1.1 billion, which is expected to drive the widespread adoption of stablecoins, enhance cross-border payment efficiency, and raise regulatory concerns in the field.
Author: @julieschicktanz
Translation: Blockchain in Plain Language
After weekend rumors, we can now confirm: **Payment processing company Stripe has officially acquired the stablecoin platform *Bridge* for $1.1 billion.**
For Stripe, which was valued at $70 billion earlier this year, this acquisition is its largest since its founding in 2010.
**Bridge was established in 2022 with the aim of serving as an alternative payment method, competing with *SWIFT* and credit cards.** The company's technology allows businesses to transfer, store, and accept stablecoins with just a few lines of code. Businesses can also utilize Bridge's issuance API to issue their own stablecoins and accept USD, EUR, USDC, USDT, or other stablecoins. Once integrated, businesses can transfer funds globally at low cost and almost instantly.
“In our in-depth discussions with the Stripe team, we found that both sides share a vision for the future of stablecoins and are passionate about building that future,” said Bridge co-founder Zach Abrams in a LinkedIn post. “Stripe operates globally and has a deep understanding of the issues posed by existing localized payment systems. Our team's enthusiasm and vision for stablecoins align. After collaborating, we will be able to tackle larger problems, support more developers, and help more consumers and businesses worldwide.”
Stripe processed $1 trillion in payments in 2023, making it one of the top payment processing companies in the U.S. Given its influence, Stripe's acquisition of Bridge will have the following impacts on the U.S. stablecoin market:
Driving widespread adoption of stablecoins: Once Stripe integrates Bridge's technology, it will be able to offer instant, low-cost settlement services through stablecoins. Creating this low-cost alternative to traditional payments will make stablecoins more attractive to businesses, potentially driving their widespread adoption in mainstream payment systems.
Expanding cross-border payments: Acquiring Bridge may enable Stripe to enhance its global payment infrastructure. This will make stablecoins the preferred method for faster and lower-cost cross-border transactions. In the current environment, many large traditional companies are developing new cross-border payment tools but still face high fees and long settlement times. Stripe's use of stablecoins will help it bypass these issues.
Increased competition: Stripe's entry into the stablecoin space will heighten competition among fintech companies offering stablecoin payment services. The real-time cross-border payment services launched by Stripe may pressure other companies to develop new products or improve existing ones to keep up with Stripe's customer base and the new resources brought by this acquisition.
Regulatory attention: As Stripe uses stablecoins in more traditionally regulated financial environments, it may attract the attention of U.S. regulators. This increased focus on the stablecoin space could prompt regulators to intensify enforcement efforts and potentially lead them to issue clearer guidelines for stablecoin usage.
Stripe's acquisition of Bridge will position it as a significant player in the stablecoin space. With Stripe's long-standing payment processing infrastructure and global influence, once Stripe integrates Bridge's stablecoin technology, it is expected to accelerate the adoption of stablecoins in mainstream payment systems.
Article link: https://www.hellobtc.com/kp/du/10/5487.html
Source: https://finovate.com/what-stripes-purchase-of-bridge-means-for-stablecoins-in-the-u-s/
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