Stripe, a payments giant, is currently developing a stablecoin that it plans to test soon.
Jennifer Lee, product manager at Stripe Crypto announced this news on Friday. She asked companies located outside of the US to contact her if “they were interested in dollar access.”
Lee claims that the Bridge stablecoin, which Stripe purchased in February, will power this asset.
Patrick Collison is Stripe’s Chief Executive. He says that his company has been “wanting to build this product” for about a decade. Earlier in this year, his brother John Collison and he, as co-founders of Stripe, stated, via the annual letter, that stablecoins are the future money.
Improvements to the fundamental usability of currency make economies more prosper. Take the example of the shift from banknotes to coins, the move from gold to fiat currencies, or the switch from paper to electronic payment methods. Stablecoins represent a branch on the money tree. These transitions have occurred over centuries with increasing frequency, and their effects are usually large .”
Stripe reemerged into the crypto industry last October, when it rolled support for USDC on the Ethereum (ETH), Solana(SOL) and Polygon(POL) Blockchains.
Payments giant enabled Bitcoin payments until 2018. The firm then discontinued support, citing BTC’s inefficiency as a payment rail.
Stripe’s growth will lead to the development of stablecoins. Stripe is expected to reach $1.4 trillion worth of payments in 2024 – a 38 percent increase from last year. According to a company press release, this total is equivalent to 1.3% of global gross domestic product.
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The post Payments Giant Stripe announces plans to start testing its own stablecoin could be updated as new information becomes available.
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