Fireblocks launches stablecoin payments network amid expected growth boom

Fireblock's stablecoin network is already servicing more than 40 participants, including Circle, Bridge, Zerohas,h and Yellow Card, the company said. Circle issues the second-largest stablecoin by circulation, USDC. Fortune first reported the news.

"Fireblocks is the backbone of stablecoin payments. 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," Fireblocks co-founder and CEO Michael Shaulov said.

With the stablecoin market expected to grow into the trillions of dollars, the amount of revenue to be earned from providing the behind-the-scenes infrastructure could prove to be significant, as traditional financial institutions like the Bank of America eye creating their own USD-pegged tokens.

"With Fireblocks, we've transformed a process that used to be slow and manual into a fast, secure, and compliant engine for growth," Yellow Card co-founder and CEO Chris Maurice said. "It’s the core infrastructure that allows us to confidently scale our payout services for customers across 20+ African countries and in the emerging markets."

In 2022, Fireblocks raised $550 million, valuing the company at $8 billion. Investors in the company include Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm, and SCB10x.