Mentioned:
The stablecoin opportunity keeps on expanding. And this time, one of the most valuable private companies in the world is getting in on the action.
What’s happening:
- Stripe has acquired stablecoin company Bridge Network for $1.1B USD
The big idea:
- Bridge Network has built technology that makes it seamless for developers to launch and issue their own stablecoins globally
- Through Bridge Network’s software platform, companies are also able to rapidly integrate stablecoins to be used as payments and to begin accepting established stablecoins such as USDC or USDT for transactions
Why it matters:
- Stripe is one of the most dominant payment processors in the world and had previously distanced themselves completely from crypto, prior to rolling out an integration to enable payments to be made through USDC
- Bridge Network has a number of notable venture capital funds as early investors, including Sequoia Capital, Index Ventures, Huan Capital and others
Going deeper:
- Stablecoins have been becoming much more competitive of late, with PayPal (NASDAQ: PYPL) launching their very own stablecoin and new projects such as Arthur Hayes backed Ethena launching a new disruptive approach to how stablecoins underpin their value
- Stablecoin giant Tether has also been hitting record breaking revenues due to continued growth in transactions on USDT, which has made them one of the most profitable crypto companies in the entire world
