Sources close to the matter indicate that the well-known payment processing business Stripe is in advanced talks to buy the stablecoin platform Bridge. Although the agreement is still in the early stages of negotiations, it could significantly alter Stripe’s involvement in the digital coin market.
Stripe’s strategy to re-enter the cryptocurrency market, which it left six years ago, is predicated on this potential acquisition. Co-founder John Collison revealed plans to provide stablecoin services earlier this year, stressing the benefits of rapid settlements and automated conversion to cash for stablecoin transactions.
Stripe teamed with Coinbase in June 2024 to build effective fiat-to-currency onramps and offramps, therefore allowing speedier transactions and reduced consumer prices throughout more than 150 countries. Stripe just added Circle’s USDC stablecoin to its payment system, therefore broadening its product range. October 9 This connection allowed customers from more than 70 countries to participate in stablecoin transactions on the first day, highlighting the increasing demand for digital currencies in cross-border transactions, which typically involve large fees and protracted settlement delays.
Former Coinbase staff members co-founded Bridge, which has created an API enabling companies to accept stablecoins, therefore generating $58 million from prominent investors. If the purchase goes through, Bridge’s value could significantly increase, making it Stripe’s largest acquisition to date.
After its earlier pullout over worries about price volatility and hefty transaction fees, Stripe’s fresh concentration on cryptocurrencies follows. But as transaction speed and cost-cutting increase, Stripe is now ready to take advantage of the pragmatic value of digital currencies as an efficient form of payment.
