Payments giant Stripe building 'new stablecoin product,' bypassing US, EU and UK

Payments giant Stripe is building a new stablecoin-based product, according to several social media posts. The product will be built using Bridge, the stablecoin services unit Stripe acquired in October 2024 for $1.1 billion.

"We've wanted to build this product for around a decade, and it's now happening," Stripe CEO Patrick Collison said on X on Friday.

According to Stripe developer Jen Kim, the product is "ready to start testing." During that process, the company is soliciting customer feedback.

While not much information is currently available about the product, Kim suggests it is being targeted at clients outside of the United States, European Union and the United Kingdom. In a separate post, Kim noted that within the first three months of offering stablecoin services, customers from over 90 countries paid with stablecoins via an invoice or in checkout.

The Block has reached out for further information. 

Stripe's $1.1 billion acquisition of Bridge last October is the largest crypto M&A deal to date. Bridge is a platform that provides APIs to simplify global money movement using stablecoins.

Juan Lopez, general partner at VanEck Ventures and former Circle Ventures leader, previously told The Block that Stripe could unlock around $40 billion per year from yield earned from stablecoin reserves like U.S. Treasurys.

“The top stablecoin use cases today involve tangible, real-world activity,” fraternal co-founders John and Patrick Collison wrote in a recent annual report. “CFOs use stablecoins to manage corporate treasury, immigrants use them for remittance, citizens of countries with unstable currencies use them for dependable savings, and payments teams use them to enable customers from countries with low card penetration.”