U.S Neobank Slash Debuts Stablecoin with Stripe's Bridge for Global Business Payments

Slash, a San Francisco-based neobank for companies, launched a funds and treasury platform powered by a brand new U.S. greenback stablecoin issued by Stripe's Bridge on Tuesday.

The product, referred to as the Global USD Account, is aimed toward corporations searching for U.S. greenback entry and cross-border funds and not using a U.S. checking account. It introduces Slash’s personal stablecoin, USDSL, which lets customers retailer, ship and obtain {dollars} or stablecoins in a single account, the corporate introduced.

The setup goals to shorten settlement occasions and take away overseas trade charges for cross-border funds to U.S. suppliers, the corporate stated in an interview with CoinDesk.

Stablecoins, a kind of cryptocurrencies pegged to exterior property just like the U.S. greenback, have grown right into a $250 billion market, usually touted as a quicker, cheaper choice for worldwide funds. Interest within the sector has accelerated since U.S. President Donald Trump signed the GENIUS Act into regulation, setting new federal requirements for stablecoin issuers.

Global banks and retailers together with Amazon and Walmart are reportedly exploring stablecoin merchandise, and funds companies like PayPal and Stripe have made important strikes within the area. Stripe acquired stablecoin infrastructure agency Bridge final yr for $1.1 billion.

Slash's first foray into stablecoins allowed prospects to ship and obtain USDC (USDC) and USDT (USDT) funds on the platform with out having to carry the tokens, changing them robotically to U.S. {dollars}.

“It's super interesting because we were very much not a crypto company,” Cardenas stated, including that he personally didn't know a lot about blockchain expertise. “But then we had these wholesalers and marketing agencies telling us we need to have stablecoin payments to accept money from customers at lower cost.”

“So we shipped it for them,” he stated.

Launched in December, that characteristic now already processes practically $1 billion annualized quantity and impressed the agency to go greater with stablecoins, Cardenas stated.

The agency now targets crypto corporations that wish to consolidate their treasury administration that beforehand wanted separate accounts at conventional banks, exchanges and custody suppliers. With the brand new slate of merchandise, shoppers can convert between stablecoins, handle balances and off-ramp to U.S. financial institution accounts by way of ACH, wire or SWIFT transfers. They can even earn yield on their balances with out triggering securities guidelines, the corporate stated.

Future plans embrace launching a card that lets companies spend their stablecoin balances and doubtlessly a pockets for holding different crypto property, Cardenas stated.

In May, Slash raised $41 million in a Series B spherical led by Goodwater Capital, valuing the corporate at $370 million.

Read extra: PayPal Expands Crypto Payments for U.S. Merchants to Cut Cross-Border Fees