The breed to build Global Stablecoin payment metals is accelerating as traditional crypto infrastructure companies that choose the global currency flow.
On Wednesday, the blockchain infrastructure provider fireblocks announced A global Stablecoin payment network focuses on compliance and connectivity, while Stripe CEO Patrick Collison opens tempo, a new layer-1 blockchain designed for Stablecoin transactions.
The new stablecoin network of fireblocks focuses on interoperability for “programmable, compliant, real-time money movement,” Says Ran Goldi, senior vice president of payment and network of fireblocks.
According to fireblocks, companies that explore stablecoin payments face a patchwork of banking, liquidity and compliance partners that make it difficult to scale. The company said the new network aims to simplify Stablecoin adoption by connecting companies to more than 40 pre-vetted providers across 100 countries.
Stripe also aims to adopt corporate, focusing on gaps that are not met by existing blockchains when it comes to incorporating payment services with existing services.
“For example, it is important for real-world applications that fees are denominated with a Fiat Currency that makes sense to the user, but existing blockchains indicate their fees on tokens that are definitely blockchain,” Collison said in an X post.
Called tempo, the network consumed by stripe and venture capital firm paradigm. “We think of tempo as L1 dedicated to L1, optimized for high-scale, real-world financial services application,” Collison said.
Stablecoin’s momentum will continue to increase as the general market cap for Fiat-Pegged Cryptocurrencies has reached $ 281.2 billion, According to In Defillama.
Interoperability has been the center of stablecoin approach, with those who give up to launch many blockchains but fight against the liquidity fragment and spread user bases.
In September 2023, the Cross-chain bridge wormhole Integrated Circle’s Cross-chain Transfer Protocolallowing USD coin (USDC) Transfer to four blockchain networks.
Related: XRP Issuer Ripple see Rlusd Stablecoin growing up with retail users
Stablecoin payments are faced with global competition
Fireblocks and tempo will compete with StableCoin -payment railroads and traditional payment processors such as visas and Mastercard, which have entered the crypto industry in recent years.
In July, Visa announced that it was Increasing stablecoins on its platform. The move was seen as a direct response to the competition from financial institutions.
Native crypto companies providing payment networks included Ripple, announced in August Plan to get Stablecoin Payment Platform Railand stellar, a decentralized payment network Designed to allow cross-border transactions.
In May, new data from Artemis revealed that the amount of stablecoin payment Up to $ 94 billion, driving two growing sectors-business-to-business transactions (B2B) and cards linked to the card.
Stablecoins are considered a form of can be programmed money and have benefits compared to traditional fiat currency. Companies that release stablecoins can reduce the risk of friction and counterparty by programming logic in money through smart contracts.
Traditional financial institutions expressed interest in stablecoins. JPMorgan Chase and Citigroup have weigh an entry into the stablecoin sector.
Magazine: Bitcoin payments are weakened by centralized stablecoins
