Slash, a San Francisco-based Neobank for businesses, launched a payments and treasury platform driven by a new US dollar stableecoin issued by Stripe’s Bridge on Tuesday.
The product, called the Global USD account, is aimed at companies seeking US dollar access and cross-border payments without a US bank account. It introduces Slash’s own stableecoin, USDSL, which lets users store, send and receive dollars or stablecoins on an account, announced the company.
The setup aims to shorten the settlement times and remove currency charges for cross -border payments to US suppliers, the company said in an interview with Coindesk.
StableCOins, a type of cryptocurrencies linked to external assets like the US dollar, has grown to a $ 250 billion market, often touted as a faster, cheaper option for international payments. Interest in the sector has been accelerated since US President Donald Trump signed brilliant action in the law and set new federal standards for stableecoin issuers.
Global banks and retailers, including Amazon and Walmart, are reportedly investigating stablecoin products, and payments such as PayPal and Stripe have made significant features of space. Stripe acquired stableecoin infrastructure firm bridge last year for $ 1.1 billion.
Slash’s first step to stableecoins allowed customers to send and receive USDC (USDC) and USDT (USDT) payments on the platform without having to hold tokens and automatically convert them to US dollars.
“It’s super interesting because we were not very much a crypto company,” Cardenas said, adding that he personally didn’t know much about blockchain technology. “But then we had these wholesalers and marketing agencies who told us that we need to have stablecoin payments to accept money from customers at lower costs.”
“So we sent it to them,” he said.
Launched in December, this feature is already dealing with almost $ 1 billion annually volume and inspired the company to go bigger with stablecoins, Cardenas said.
The company is now targeting crypto companies that want to consolidate their state -store management, which previously needed separate accounts with traditional banks, exchanges and custody providers. With the new slate of products, clients can convert between stableecoins, manage balance and off-ramp to US bank accounts through ACH, Wire or Swift transfers. They can also earn benefits from their balance without triggering securities rules, the company says.
Future plans include the launch of a map that lets companies use their stablecoin -balance and potentially a wallet to have other crypto assets, Cardenas said.
In May, Slash raised $ 41 million in a Series B round led by Goodwater Capital and rated the company for $ 370 million.
Read more: PayPal is expanding crypto payments for US merchants to reduce cross -border fees
