To find a stable coin platform bridge, slide in conversations – report
Payments processing company Stripe is in talks to acquire the stablecoin platform Bridge, according to unnamed sources familiar with the deal.
According to Bloomberg, the deal is not yet finalized and both sides could walk away without a deal.
The potential acquisition by Stripe comes as the company plans to re-enter the digital asset sector after a six-year hiatus from offering crypto payment services.
Related: Thailand's oldest bank announces stable coin remittance services
Stripe does crypto activities
Earlier this year, Stripe co-founder John Collison announced that the company would offer stablecoin services for the first time in six years. At the time, Collison described stablecoin transactions through Stripe as “settled on-chain instantly and automatically converted to fiat.”
Collison announcing Stripe's return to crypto at Stripe's Sessions 2024 event. Source John Collison
In June 2024, Stripe and Coinbase partnered to create fiat-to-crypto onramps and offramps for customers of both platforms. The partnership has resulted in faster settlement times and significantly reduced transaction costs through Stablecoins for customers in over 150 countries.
On October 9, Stripe integrated Circle's US Dollar (USDC) stablecoin and introduced stablecoin payments in its main payments user interface. Following the USDC integration, users from more than 70 countries engaged in stablecoin transactions on the first day – highlighting the growing demand for fiat equivalents globally.
This is useful for individuals involved in cross-border transactions, which typically carry large transaction fees and multi-day settlement times. Specifically, senders and receivers can avoid high fees that eat into remittances to friends and family and prevent them from sending smaller amounts.
Several days after the USDC merger went live, Paxos – the organization responsible for the Pax Dollar (USDP) stablecoin – created a new stablecoin payment platform.
The new platform focuses on providing stablecoin services to payment service providers who want to embed the Paxos Application Programming Interface (API) into their systems, rather than individuals or small businesses.
As part of the announcement, Paxos said Stripe was the first payment processor to integrate the Paxos API into its operations.
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