Crypto custody firm Fireblocks has launched a stablecoin payments network described as a “stablecoin SWIFT.” The system links issuers, banks, fintechs, and liquidity providers in a single unified framework, handling more than $200 billion in monthly transactions.
Over 40 participants have already onboarded, including Circle, issuer of USDC, and Bridge, a platform acquired by Stripe in 2024. Fireblocks says the new infrastructure reduces fragmentation across today’s stablecoin ecosystem, offering enterprises a reliable alternative for digital dollar settlements.
The launch comes amid rapid stablecoin growth. Monthly settlements rose to $800 billion in June, while market capitalization jumped from $200 billion in January to $280 billion in August, according to Grayscale. Institutional adoption has driven this surge, with firms demanding faster and cheaper settlement rails.
Competition is heating up. Circle launched its own stablecoin network in April, while Stripe is scaling Bridge for tokenized asset flows. Fireblocks hopes its enterprise-first approach will capture a significant slice of this booming market.
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