Bolt, San Francisco-based checkout and payments platform, said on Friday that it has added support to stablecoin payments, a step aimed at streaming cross-border trade for marketplaces and merchants using its network.
The addition is part of Bolt Connect, a new product that focuses on helping digital marketplaces scale quickly by automating grocery onboarding, compliance and payments.
For merchants, receipt of stableecoin payments, fewer bank intermediaries, faster settlement and lower transaction costs, the company explained the initiative in the press release. Consumers can also benefit: A shopper without a bank account or purchase from a store around the world can pay immediately using digital dollars without incurred foreign transaction fees or wait for credit card clarification.
“Marketplaces should not have to choose between scale and simplicity,” said Ryan Breslow, founder and CEO of Bolt. “With Bolt Connect, we give them tools to grow without the usual technical burden, while stablecoin support opens the door to faster, boundless payments for everyone in the network.”
Bolt is the latest example of global payment companies such as Mastercard, Visa and Stripe Racing to embrace stableecoins, a type of digital currency with prices rooted in an external asset as Fiat currency, in their offer. It’s a $ 260 billion and fast -growing asset class that promises programmable transactions and faster, cheaper cross -border payments than through traditional bank channels. Adoption is expected to accelerate after the US Senate adopted the act of genius to regulate the stablecoin sector.
Bolt’s StableCOin initiative came on the heels to debut its financial “SuperApp”, which allows users to hold, send and receive cryptocurrencies including stableecoins in the application.
