Fireblocks revealed a new stablecoin on/off-ramp payment network on September 5 to accelerate the adoption of stablecoin payments.
The Fireblocks Network of Payments seeks to address scaling issues for businesses when adopting stablecoins as a payment method. Fireblocks believes these businesses are missing revenue opportunities due to the lack of infrastructure and ability to adapt to market shifts.
Michael Shaulov, Fireblocks CEO, noted that with “integration complexity” and “inconsistent compliance” is currently proving to be a challenge for companies adopting stablecoins. The Fireblocks Network of Payments, he notes, aims to orchestrate global payment flows by uniting payment rails, blockchains and stablecoin systems.
The stablecoin network will support cross-border treasury, payouts, remittances and merchant settlements, enabling businesses to control whether their stablecoin payments will be processed on either a fiat or blockchain rail.
Fireblocks also intends to reduce friction by providing an integration process that builds upon pre-existing stablecoin payment infrastructure for future-proofing.
There are more than 40 providers that have adopted the stablecoin payment gateway, including Circle, Zero Hash, Yellow Card, OpenPayd, dLocal and more.
“Fireblocks is the backbone of stablecoin payments,” said Shaulov.“By introducing unified APIs and workflows, and APIs purpose-built for stablecoin use cases, the Fireblocks Network for Payments gives institutions the ability to move value securely across every provider, blockchain, or fiat rail.”
Stablecoins answer to SWIFT?
The stablecoin market has witnessed a surge in growth this past year, with Fireblocks citing that stablecoins now accounting for $200bn in monthly payment flows across its network.
Available in more than 100 countries and compatible with over 60 different currencies, the network aims to act as the stablecoin’s answer to SWIFT by building a connected framework to serve to connect digital asset-backed economies.
Fireblocks also announced plans to expand the Network to include tokenised deposits and real-world assets for partnering and interested businesses.
“We’ve built the most efficient and effective way for payments companies to build their evolving blockchain-based offerings,” said Ran Goldi, SVP Payments and Network at Fireblocks.
“The Network for Payments is built to handle anything – interoperable by design and resilient enough for the world’s fastest, largest transactions, ensuring that businesses have the foundation they need for programmable, compliant, real-time money movement worldwide.”
