Fireblocks, the $8 billion crypto infrastructure provider, has launched a stablecoin payment network with over 40 institutional participants.
According to a Fortune report, the Fireblocks Network for Payments includes members such as Bridge (recently acquired by Stripe), stablecoin companies Zerohash and Yellow Card, and issuer Circle.
This network plans to streamline how financial institutions and crypto firms move stablecoins between each other while building new stablecoin products, addressing what CEO Michael Shaulov describes as costly infrastructure challenges.
Unlike Circle’s existing payments network, which focuses exclusively on USDC, Fireblocks’ platform supports multiple stablecoins, giving participants greater operational flexibility.
However, Shaulov noted that the company’s original network was built primarily for crypto trading rather than specialized stablecoin operations. The new network fills this operational gap by allowing seamless conversion between different stablecoins and facilitating cross-border transfers.
Fireblocks already processes billions of dollars in stablecoin volume daily, achieving a record $212 billion in July alone across its existing infrastructure.
Research has shown that 90% of financial institutions are either actively using or exploring stablecoin integration into their operations. Meanwhile, corporate giants are moving beyond exploration toward active development, with Amazon and Walmart reportedly considering their own USD-backed stablecoins to reduce transaction fees.
The Fireblocks launch coincides with rapidly accelerating institutional adoption, as revealed in the company’s May survey of 295 executives across banks, fintech firms, and payment processors.
According to DefiLlama data, the total stablecoin market capitalization now stands at approximately $285 billion, reflecting 56% year-over-year growth.
Industry projections suggest the sector could reach $1 trillion in annual payment volume by 2028, with Citigroup forecasting even more dramatic expansion to a market cap of over $2 trillion by 2030.
Payment processor Stripe is also developing a dollar-backed stablecoin for markets outside the U.S., UK, and Europe, building on its October 2024 launch of stablecoin payment options.
