Stripe, the global payments giant, has officially begun testing a new US dollar stablecoin product aimed at companies outside the United States, United Kingdom, and Europe. CEO Patrick Collison confirmed the move on X, inviting businesses to sign up for early access. The launch follows Stripe’s recent regulatory approval to acquire Bridge, a stablecoin payment network positioned as a competitor to SWIFT.

Founded in 2022 by former Coinbase executives Zach Abrams and Sean Yu, Bridge offers faster, cheaper alternatives to traditional wire transfers. Its integration into Stripe's platform signals an aggressive push to expand the role of the US dollar in digital payments worldwide.

Stripe’s relationship with crypto dates back to 2014, when it became the first major payments company to accept Bitcoin. However, it dropped Bitcoin support due to slow transactions and high fees. Since 2021, Stripe has rebuilt its crypto team and deepened its investment in the sector. In October 2024, Stripe added stablecoin payments, which quickly gained traction in more than 70 countries on the first day alone. Earlier that year, the company partnered with Coinbase to enable fiat-to-crypto conversions.

Collison shared that Stripe’s latest stablecoin project has been in the works for nearly a decade. The broader stablecoin market has exploded, with a market cap now reaching $237.5 billion, according to DefiLlama. Major players like PayPal have also entered the space, launching their own stablecoins and offering yield to token holders.

Stablecoins, pegged to assets like the US dollar, are gaining regulatory attention, with US officials, including Federal Reserve Chair Jerome Powell, calling for new laws to govern them. Stripe’s bold move could redefine the global payments landscape in 2025 and beyond.