Stripe, a global payments platform, has introduced stablecoin-based accounts to clients in over 100 countries.
According to a May 7 announcement, the new feature will allow the platform’s clients “to send, receive, and hold US-dollar stablecoin account balances, similar to how a traditional fiat bank account works.”
The product’s technical page shows that the new account feature will support Circle’s USDC (USDC) and Bridge’s USDB (USDB) stablecoins. Stripe acquired the Bridge platform in October 2024.
The product will be available to clients in more than 100 countries, including Argentina, Chilé, Turkey, Colombia, and Peru, among others.
Stripe’s newly launched product comes at a time when stablecoins are increasingly seen as stores of value in developing economies struggling with high inflation, capital controls, and a lack of financial infrastructure.
Related: Stablecoin fever: 5 major stablecoins are growing crypto adoption
Stablecoins are banking the unbanked and are increasingly used as a store of value
Stablecoins and blockchain payment rails are helping to bank the unbanked in developing regions of the world without critical financial and communication infrastructure.
Blockchain systems can reduce the cost and verification of cross-border transfers, allowing anyone with a cellphone, a crypto wallet, and access to an internet connection to send, receive, and store value in a relatively stable fiat currency.
Stripe integrated USD stablecoin payments, allowing users to pay online merchants in fiat tokens, in October 2024. The integration was met with demand for the stablecoin payment option in 70 countries, the company said.
According to the crypto platform Bitso, residents of Latin American countries are increasingly using stablecoins as a store of value and a medium of exchange used for online purchases.
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