Stripe has acquired the stablecoin platform Bridge for $1.1 billion, marking its largest acquisition to date. Confirmed by TechCrunch founder Michael Arrington on X, this deal is also the biggest acquisition in the cryptocurrency industry.
Bridge, co-founded by Sean Yu and Zach Abrams, offers software that enables businesses to accept payments in stablecoins. Before the acquisition, Bridge had a valuation of $200 million, making the $1.1 billion purchase a notable increase. The platform had raised $58 million from investors prior to this deal.
Earlier this month, Stripe reintroduced crypto payments for U.S. businesses, supporting USDC on Ethereum, Solana, and Polygon. The acquisition of Bridge indicates Stripe’s intention to strengthen its position in the crypto sector.
In addition to this move, Stripe partnered with Coinbase in June, integrating Coinbase’s Base Layer 2 network into its payment system. This allowed users to purchase cryptocurrency via Coinbase Wallet using Stripe’s services.
Stripe’s Expansion into Stablecoins:
Bridge’s technology supports businesses in creating, storing, and accepting stablecoins, and this acquisition is likely to accelerate the integration of stablecoin payments into mainstream financial systems. With stablecoins becoming increasingly popular, Stripe’s acquisition signifies the merging of traditional finance and digital currencies.
Valued at $70 billion as of July, Stripe has been expanding its crypto services, having processed over $1 trillion in payment volume in 2023, representing 1% of global GDP. Through this acquisition, Stripe aims to offer more stablecoin-based services to its global clientele, reflecting a trend towards innovative payment solutions in the fintech industry. This milestone deal highlights the growing influence of stablecoins in global finance and solidifies Stripe’s role in the digital payments space.
