Slash, a Neobank for companies based in San Francisco, launched a new payment and cash flow platform on Tuesday powered by a new stablecoin in US dollars issued by Stripe’s Bridge.
The product, called the USD global account, is aimed at companies looking for American access and cross -border payments without an American bank account. It presents the Slash, USDSL’s own stablecoin, which allows users to store, send and receive dollars or floors in an account, the company announced.
The configuration aims to shorten settlement times and delete exchange costs against cross -border payments to American suppliers, the company said in an interview with Coindesk.
Stablecoins, a type of cryptocurrency set at external assets like the US dollar, have become a market of $ 250 billion, often presented as a faster and cheaper option for international payments. The interest in the sector has accelerated since the American president Donald Trump signed the law on engineering, establishing new federal standards for stablecoin issuers.
The world’s banks and retailers, including Amazon and Walmart, would explore Stablecoin products, and payment companies like Paypal and Stripe have made significant movements in space. Last year, Stablecoin Infrastructure acquired a bridge for $ 1.1 billion.
The first Slash in Stablecoins incursion allowed customers to send and receive USDC (USDC) and USDT (USDT) payments on the platform without having to hold the tokens, by automatically converting them to US dollars.
“It’s super interesting because we were not really a cryptography company,” said Cardenas, adding that he personally didn’t know about blockchain technology. “But then we had these wholesalers and marketing agencies tell us that we must have stable payments to accept money from customers at a lower cost.”
“So we shipped it for them,” he said.
Launched in December, this feature now already deals with an annualized volume of nearly a billion dollars and inspired the company to go larger with the Stablecoins, said Cardenas.
The company now targets cryptographic companies that wish to consolidate their cash management which previously needed separate accounts in traditional banks, exchanges and provision providers. With the new product list, customers can convert between stablecoins, manage sales and ramp excluding American bank account ramps via ACH, Wire or SWIFT transfers. They can also earn a return on their sales without triggering securities rules, the company said.
Future plans include the launch of a card that allows companies to spend their stablecoin sales and potentially a portfolio to have other cryptographic assets, said Cardenas.
In May, Slash lifted $ 41 million in a B -series led by Goodwater Capital, evaluating the company at $ 370 million.
Read more: Paypal extends crypto payments
