Slash, San Francisco-based Neobank for Business, launched its payment and finance platform with a new US dollar Stablecoin issued by Stripe’s Bridge on Tuesday.
Called the Global USD Account, the product is aimed at businesses seeking US dollar access and cross-border payments without a US dollar bank account. The company announced that it will introduce Slash’s own Stablecoin, USDSL, allowing users to save, send and receive Stablecoins in one account.
The purpose of the setup is to reduce payment times and remove foreign exchange fees for cross-border payments to US suppliers, the company said in an interview with Coindesk.
Stablecoins are a kind of cryptocurrency fixed on external assets like the US dollar, growing into a $2500 billion market and is often touted as a faster, cheaper option for international payments. Since US President Donald Trump signed the act of genius, interest in the sector has accelerated, setting new federal standards for stablecoin publishers.
Global banks and retailers such as Amazon and Walmart are reportedly investigating Stablecoin products, with payment companies such as PayPal and Stripe making the space a major move. Stripe last year acquired Stablecoin Infrastructure Firm Bridge for $1.1 billion.
With Slash’s first foray into Stablecoins, customers were able to send and receive USDC (USDC) and USDT (USDT) payments on the platform, without having to retain tokens, and automatically convert them to US dollars.
“We weren’t a crypto company, so it’s very interesting,” Cardenas said, adding that he personally didn’t know much about blockchain technology. “But then I told these wholesalers and marketing institutions that they needed to pay steady payments to accept money from customers at a lower cost.”
“So we shipped it out for them,” he said.
The feature, launched in December, already handled nearly $1 billion in annual volumes, prompting the company to get bigger with Stablecoins, Cardenas said.
The company is currently targeting crypto companies that want to consolidate financial management that previously required separate accounts with traditional banks, exchanges and custody providers. New slates in the product allow clients to convert between Stablecoins, manage balances, and change off-ramps to US bank accounts via ACH, wire, or rapid transfers. It also said it could earn balance yields without causing securities rules.
Future plans include launching cards that allow businesses to spend Stablecoin balance and potentially using wallets to hold other crypto assets, Cardenas said.
In May, Slash raised $41 million in the Series B round, led by Goodwater Capital, valued at $370 million.
Read more: PayPal expands US merchants’ crypto payments to reduce cross-border fees