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 International USD Account, is aimed toward firms looking 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 international alternate 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 belongings just like the U.S. greenback, have grown right into a $250 billion market, usually touted as a quicker, cheaper possibility for worldwide funds. Curiosity within the sector has accelerated since U.S. President Donald Trump signed the GENIUS Act into legislation, setting new federal requirements for stablecoin issuers.
International banks and retailers together with Amazon and Walmart are reportedly exploring stablecoin merchandise, and funds corporations like PayPal and Stripe have made important strikes within the house. Stripe acquired stablecoin infrastructure agency Bridge final 12 months 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 mechanically to U.S. {dollars}.
“It is tremendous fascinating as a result of we had been very a lot not a crypto firm,” Cardenas stated, including that he personally did not know a lot about blockchain expertise. “However then we had these wholesalers and advertising and marketing businesses telling us we have to have stablecoin funds to simply accept cash from prospects at decrease price.”
“So we shipped it for them,” he stated.
Launched in December, that function now already processes practically $1 billion annualized quantity and impressed the agency to go larger with stablecoins, Cardenas stated.
The agency now targets crypto firms that need 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 via ACH, wire or SWIFT transfers. They’ll additionally earn yield on their balances with out triggering securities guidelines, the corporate stated.
Future plans embody launching a card that lets companies spend their stablecoin balances and doubtlessly a pockets for holding different crypto belongings, Cardenas stated.
In Could, Slash raised $41 million in a Sequence B spherical led by Goodwater Capital, valuing the corporate at $370 million.
Learn extra: PayPal Expands Crypto Payments for U.S. Merchants to Cut Cross-Border Fees