Stripe, a global payments platform, has made a significant move by introducing stablecoin-based accounts to clients in over 100 countries. As announced on May 7, this new feature will enable clients to send, receive, and hold US-dollar stablecoin account balances, functioning similarly to traditional fiat bank accounts.
The technical documentation for this product indicates that it will support stablecoins such as Circle’s USDC and Bridge’s USDB. Notably, Stripe acquired the Bridge platform in October 2024 to facilitate this launch.
The availability of this product spans numerous countries, including Argentina, Chile, Turkey, Colombia, and Peru—regions where stablecoins are increasingly recognized as vital tools for preserving value amid economic challenges.
This introduction comes at a critical time when stablecoins are increasingly being viewed as reliable stores of value, particularly in developing economies grappling with high inflation, capital controls, and inadequate financial infrastructures.
Related: Stablecoin fever: 5 major stablecoins are growing crypto adoption
Stablecoins: A Solution for the Unbanked
The role of stablecoins in banking the unbanked is becoming increasingly prominent, particularly in developing regions that lack essential financial and communication infrastructure. By leveraging blockchain technology, these systems can significantly reduce the costs and complexities involved in cross-border transfers.
With just a cellphone, a crypto wallet, and internet access, individuals in these regions can send, receive, and store value in a stable fiat currency. This shift is not merely a technological advancement; it represents a fundamental change in how value is perceived and transacted in parts of the world adeptly navigating financial crises.
Stripe’s integration of USD stablecoin payments, which enables users to pay online merchants using fiat tokens, first rolled out in October 2024. The integration was met with considerable demand across 70 countries.
In Latin America, where economic volatility is prevalent, residents are increasingly turning to stablecoins as both a medium of exchange and a reliable store of value for online transactions. This trend underlines the growing necessity for accessible and stable financial solutions in the region.
For further insights: Banking The Unbanked? How I Taught A Total Stranger In Kenya About Bitcoin
