"Fireblocks, valued at $8 billion in its last funding round in 2022, announced Thursday that it was launching a network to let crypto and financial firms more easily move stablecoins between one another. The network already has more than 40 participants, including Bridge, a stablecoin startup that the fintech giant Stripe recently acquired. Other members include stablecoin companies like Zerohash and Yellow Card as well as the stablecoin issuer Circle, which recently went public in June in a blockbuster IPO."
""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," Shaulov said, referring to companies wanting to build out their own stablecoin networks."
"Stablecoins are cryptocurrencies pegged to underlying assets like the U.S. dollar. They've long been a favorite among crypto traders who convert their funds into the tokens after trading more volatile cryptocurrencies like Bitcoin or Ethereum. But, over the past year, stablecoins have become one of the buzziest areas in the broader arenas of fintech and Silicon Valley. Proponents say they are faster than bank wires or legacy financial infrastructure and can reduce transaction fees."
Fireblocks launched a network to enable crypto and financial firms to move stablecoins between one another. The network counts more than 40 participants, including Bridge, Zerohash, Yellow Card and Circle. The network provides users access to partners' banking relationships and regulatory licenses, expanding access beyond what individual customers typically hold. Fireblocks aims to lower engineering costs, reduce manual errors and prevent financial losses for firms building stablecoin infrastructure. The service, called the Fireblocks Network for Payments, targets smoother stablecoin transfers. Stablecoins are gaining mainstream interest for speed, lower fees and growing regulatory clarity.
Read at Fortune Crypto
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