Stripe recently launched financial stablecoin accounts in over 100 countries. This new feature allows businesses on the Stripe platform to hold funds and make payments using stablecoins.
Here's a breakdown of what this means:
* Global reach: Companies in over 100 countries can now use these stablecoin-backed accounts.
* Supported stablecoins: The accounts will initially support USDC (issued by Circle) and USDB (Stripe's proprietary stablecoin, issued by the recently acquired Bridge unit). Stripe plans to add support for more stablecoins in the future.
* Functions: Companies can:
* Hold balances in stablecoins.
* Receive funds through digital currency channels and traditional channels.
* Make payments to suppliers internationally.
* Transfer funds between their stablecoin balance and external bank accounts or digital wallets.
* Send money to others in US dollars (via ACH or bank transfers) or stablecoins through digital currency networks.
* Custody: Bridge, a subsidiary of Stripe, will act as the custodian for stablecoin balances.
* Nature of USDB: It is important to note that USDB is currently a closed-loop stablecoin and is not available for public sale.
* Strategic importance: This step indicates Stripe's serious commitment to stablecoins and aims to leverage their increasing adoption for international transactions and payments.
This development could significantly impact how online businesses manage their finances and conduct international trade.