Remote Partners with Stripe to Launch Stablecoin Payroll Processing
Remote, a SoftBank-backed firm specializing in global talent acquisition, has partnered with Stripe, a California-based financial infrastructure provider, to facilitate payroll processing using stablecoins. Initially, Remote will process payroll through Circle’s #USDC on Base, an Ethereum-focused layer two solution supported by Coinbase Global Inc. (NASDAQ: COIN).
This stablecoin payroll service will be available to customers in the United States, with plans to expand to other countries and support additional stablecoins. Regulated stablecoins in the U.S. include Tether #USDT and Ripple Labs' recently launched RLUSD.
“One of the biggest hurdles companies face when hiring international talent is providing fast, flexible, and reliable payments around the world. With the introduction of stablecoin payouts via Stripe, we’re adding a feature that has been highly requested by our customers, enabling them to pay contractors how they prefer, while maintaining the compliance and simplicity Remote is known for,” stated Job van der Voort, CEO and co-founder of Remote.
Advancement of Stablecoin Adoption
The partnership between Remote and Stripe significantly promotes mainstream adoption of stablecoins globally. Remote operates in over 60 countries and serves major brands such as Aston Martin, GitLab, SoundCloud, Hello Fresh, and Epam.
Remote has received substantial investment from venture capital firms, including SoftBank Vision Fund 2, Accel, Sequoia, Index Ventures, General Catalyst, and B Capital.
The choice of USDC on the Base network is strategic, leveraging the credibility of web3 organizations like Coinbase and Ethereum's security features. As reported, the Base network has a stablecoin market cap of approximately $3.54 billion and over 1.2 million daily active users.
The stablecoin industry is projected to grow as digital assets and web3 products gain traction among institutional investors. The total stablecoin market cap has surpassed $208 billion, with a 24-hour average trading volume near $197 billion.
Tether’s USDT and Circle’s USDC dominate the stablecoin market, being traded on over 300 crypto exchanges. Anticipated regulation of stablecoins in the United States may position the industry for a trillion-dollar valuation in the coming years.