Stripe, a leading global payments platform, is developing a new stablecoin product denominated in US dollars specifically for businesses located outside the US, UK, and Europe. CEO Patrick Collison announced the initiative, inviting interested companies to participate in testing. This move comes after Stripe obtained regulatory approval to acquire Bridge, a stablecoin payments network that competes with traditional banking systems like SWIFT. Founded by former Coinbase executives, Bridge aims to streamline international wire transfers. Stripe's foray into crypto dates back to 2014 when it integrated Bitcoin, though it later discontinued support due to slow transactions and high fees. However, the company has since re-entered the crypto space, introducing stablecoin payment options and partnering with Coinbase for fiat-to-crypto conversions. With stablecoins gaining regulatory attention, Stripe's latest initiative reflects a decade-long ambition to innovate in the crypto sphere. The stablecoin market currently boasts a $237.5 billion market cap, signaling significant growth and potential for further expansion. Read more AI-generated news on: https://app.chaingpt.org/news

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