Brex Introduces Stablecoin Payments with USDC for Business Accounts
Brex Integrates Stablecoin Payments
- Brex will integrate native stablecoin payments into its services.
- Customers with Brex business accounts can accept stablecoins, automatically convert them into USD, and send stablecoins from USD balances.
- The service will begin with Circle's USDC, with more coins to be added later.
- Brex will enable card balance payments using stablecoins, becoming the first global corporate card to offer this feature.
- Brex has reached $700 million in annualized revenue and is aiming for profitability. It was valued at $12.3 billion during a Series D-2 funding round in January 2022.
Industry-Wide Stablecoin Developments
- Circle plans to test reversible transactions for stablecoins to aid in fund recovery from fraud and hacks.
- Visa launched a stablecoin initiative to facilitate faster cross-border transactions by prefunding accounts with stablecoins.