U.S. Neobank Slash Launches Stablecoin for Global Business Payments
Slash, a San Francisco-based neobank, launched the Global USD Account, a payments and treasury platform using a new stablecoin, USDSL, issued by Stripe's Bridge. This product targets businesses needing U.S. dollar access and facilitates cross-border payments without requiring a U.S. bank account.
Key points include:
- USDSL allows users to store, send, and receive dollars or stablecoins in one account.
- The platform aims to shorten settlement times and eliminate foreign exchange fees for payments to U.S. suppliers.
- The stablecoin market has expanded to $250 billion, with growing interest following the enactment of the GENIUS Act.
- Major companies like Amazon and Walmart are exploring stablecoin products, while Stripe acquired stablecoin firm Bridge for $1.1 billion last year.
- Slash previously enabled customers to send and receive https://holder.io/coins/usdc/ and https://holder.io/coins/usdt/ payments without holding the tokens, converting them automatically to U.S. dollars.
- The company now aims to attract crypto firms seeking to manage treasury operations with fewer accounts across banks and exchanges.
- Future plans include launching a card for spending stablecoin balances and a wallet for other crypto assets.
- In May, Slash raised $41 million in a Series B funding round, valuing the company at $370 million.