Three months ago Stripe completed its $1.1 billion acquisition of stablecoin orchestration firm Bridge and yesterday it revealed that Stablecoin Financial Accounts using Bridge’s technology are now available in 101 countries. Bridge still operates independently from Stripe, but the payments firm will leverage its technology, as in this example.
The stablecoin accounts particularly target businesses in countries with volatile currencies to enable them to hold dollar stablecoins. These organizations can receive money in crypto or via bank transfers and pay globally using stablecoins.
While it’s not emphasized, a key advantage is the businesses don’t have to worry about self custody or relying on a cryptocurrency exchange to hold their assets. However, the company did not elaborate on who is acting as stablecoin custodian on behalf of Stripe.
The list of countries where the accounts are offered mainly includes emerging market regions but excludes those with cryptocurrency laws. For example, it includes most African countries, but not major jurisdictions such as Ghana, Nigeria and South Africa.
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