Quick take:
- Dubbed the Fireblocks Network for Payments, it already boasts more than 40 participants, including Payments giant Stripe’s latest acquisition, Bridge.
- USDC stablecoin issuer Circle, which recently went public in a mega IPO, has also joined the network, alongside ZeroHash and Yellow Card.
- Fireblocks’ goal is to give users access to the banking relationships and regulatory licenses of a wider network of companies, more than they would likely have access to themselves.
Fireblocks, the crypto infrastructure company helping traditional finance companies integrate crypto payment rails, has launched the Fireblocks Network for Payments. The network lets crypto and financial firms easily move stablecoins between one another and build stablecoin products.
According to the report by Fortune, the network already boasts more than 40 participants, including Payments giant Stripe’s latest acquisition, Bridge. USDC stablecoin issuer Circle, which recently went public in a mega IPO, has also joined, alongside ZeroHash and Yellow Card.
Fireblocks’ goal is to give users access to the banking relationships and regulatory licenses of a wider network of companies, more than they would likely have access to themselves.
Commenting on the developing trend where stablecoin issuers are starting to build their own networks, Michael Shaulov, cofounder and CEO of Fireblocks, told Fortune: “Either it’s super expensive from an engineering standpoint and takes them a lot of time, or if they’re starting to do it manually, then, of course, it’s basically prone to errors, so they can lose money.”
The announcement comes amid the growing interest in stablecoins from traditional finance companies looking to blend crypto payments. It also follows the recent signing into law of the GENIUS Act, a bill that provides a clear regulatory framework for cryptocurrencies pegged to real-world assets like the USD. It also offers guidelines to traditional financial institutions for integrating digital assets into their systems.
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