Fireblocks, one of the biggest names in crypto technology, is stepping deeper into the world of stablecoins. The company, last valued at $8 billion in 2022, announced on Thursday the launch of a new network that allows crypto and financial firms to transfer stablecoins more easily and build new payment products.
Over 40 participants are already part of the network, including Bridge (recently acquired by Stripe), Zerohash, Yellow Card, and Circle — the issuer of USDC. The idea is to give customers access to the infrastructure, licenses, and banking relationships of a wider ecosystem, saving them time, money, and technical headaches, Fireblocks CEO Michael Shaulov explained.
Stablecoins — digital currencies pegged to traditional assets like the US dollar — have quickly moved from being a trader’s tool to a mainstream financial product. Advocates argue they are faster and cheaper than traditional bank wires, making them attractive for cross-border payments. Big Tech firms and banks have taken notice, especially after U.S. lawmakers passed a bill in July to regulate stablecoins more clearly.
Fireblocks, already handling billions in stablecoin transactions daily, built this new payments-focused network to simplify conversions between stablecoins and cross-border transfers. Unlike Circle’s network, which is limited to USDC, Fireblocks’ system supports multiple stablecoins — a move that could accelerate mainstream adoption.
