Stripe has started testing stablecoin-based payments in countries outside the developed world. The initiative follows the acquisition of Bridge, a stablecoin platform founded by former Coinbase executives Zach Abrams and Sean Yu. The stablecoin used by Stripe is pegged to the US dollar and is primarily intended to facilitate payments for businesses operating in countries where the high volatility of the local currency or other infrastructure issues make transferring money in traditional currencies extremely costly.
Stripe was founded in 2010 by American brothers Patrick and John Collison with the aim of making online payments easier for businesses. Since then, numerous online stores and small web-based businesses have integrated their solution because of its ease of use and have relied on it for processing online transactions. Over the years, Stripe has developed a range of financial products but had previously stuck to traditional currencies, making this latest move a milestone — especially considering its extensive customer base.
However, this step is not unique, as other companies, such as PayPal and Ripple, have taken similar actions. As a result, the proliferation of stablecoins could become a major trend in the fintech sector over the next few years, helping to drive the broader adoption of blockchain-based technologies. Citigroup predicts that, if the regulatory environment is favorable, the market for dollar-pegged stablecoins could grow to as much as $3.7 trillion by 2030, up from $237 billion today. In this environment, stablecoins could play a breakthrough role similar to the one ChatGPT has played in the world of artificial intelligence.
