Stripe Initiates Talks with Banks to Integrate Stablecoins into Services
Stripe is in discussions with banks to integrate stablecoins into its services, according to co-founder John Collison. Key points include:
- Banks are actively exploring stablecoin integration.
- Stablecoins represent a $240 billion asset class, primarily linked to the U.S. dollar.
- They offer cheaper and faster payment alternatives with 24/7 settlement capabilities.
- PayPal launched a U.S. dollar-backed stablecoin (PYUSD) and Societe Generale issued a euro-backed token (EURCV).
- Visa developed a platform for banks to issue stablecoins.
- Stripe acquired stablecoin tech startup Bridge for $1.1 billion, which introduced the USDB stablecoin.
- Stripe has launched stablecoin accounts in over 100 countries.
- Collison anticipates a significant increase in payment volume through stablecoins to mitigate foreign exchange fees and lengthy processing times.