30s Summary

Stripe, a leading payment processing company, is said to be in talks to acquire stablecoin platform Bridge. Stripe’s co-founder John Collison suggested the firm might deal with stablecoin transactions – digital money that matches the value of real-world currency. Stripe previously partnered with Coinbase for simple digital and regular currency transactions. Recently, Stripe started processing payments with USDC stablecoin from Circle, reducing international transaction fees and processing times. Moreover, Stripe integrated tech from Paxos’s new payment platform shortly after its launch.

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Word on the street is that Stripe, a big-shot payment processing company, is in talks to get a hold of the stablecoin platform known as Bridge. No one’s sure if it’ll happen for certain though – both parties could bail out any moment.

Stripe’s potential purchase of Bridge is interesting because they’re planning to jump back into the digital currency game, after taking a six-year time-out.

Earlier in the year, Stripe’s co-founder, John Collison, let slip that they’d be dealing with stablecoin transactions. Basically, these transactions would be sorted out instantly, then switched to regular currency.

Stripe also made a big move back in June 2024 when they teamed up with Coinbase to make buying and selling with digital and regular currency super simple. This partnership not only made things quicker, but it also slashed the cost of transactions. This helped customers in over 150 different countries.

On Oct. 9, Stripe started processing payments with stablecoins – digital money that matches the value of some real-world currency. They incorporated Circle’s US Dollar (or USDC) stablecoin for this and people from more than 70 countries got involved on the first day it was up and running. This is a pretty clear sign people are more keen on using virtual forms of their dollars, euros, and yen.

This is a huge move for people making international transactions, because it saves them money and time. The high fees and lengthy processing times which are typical for these transactions can be bypassed with stablecoin payments. This is especially good news for those who regularly send money to relatives abroad.

Shortly after the USDC deal was set up, Paxos (the company behind the Pax Dollar stablecoin, or USDP) launched their new payment platform. This platform is more aimed at payment service providers who want to add Paxos’s tech into their services, rather than individuals or small businesses.

In an interesting twist, Stripe turned out to be the first payment processing outfit to incorporate Paxos’s tech into its operations. So keep your eyes open for what Stripe’s next move in the digital currency world might be.

Source: Cointelegraph