Looking to advance its cryptocurrency ambitions, payments processor Stripe has finalized a deal to buy stablecoin platform Bridge for $1.1 billion, according to a Sunday X post from TechCrunch founder Michael Arrington and later confirmed by Stripe and Bridge.

Stablecoins are room-temperature superconductors for financial services. Thanks to stablecoins, businesses around the world will benefit from significant speed, coverage, and cost improvements in the coming years. Stripe is going to build the world’s best stablecoin… https://t.co/6yKi7OKXVT
— Patrick Collison (@patrickc) October 21, 2024

Bridge, which has raised $54 million in funding, was founded by Square and Coinbase alumni Zach Abrams and Sean Yu, and counts SpaceX and Coinbase (COIN) among its customers.

The startup previously said it aspired to become the blockchain version of Stripe, operating a global system in which other developers could integrate.

Stripe, which enables companies to accept payments online or in-person, has this year been exploring extending its offering to cryptocurrency through Circle's USDC stablecoin.

CoinDesk reached out to Stripe and Bridge for comment but had not received a response by press time.

Updated (14:40 UTC, Oct. 21): Adds confirmation by the two companies and posting by Stripe CEO Patrick Collison

Stripe Stablecoins Payment

Jamie Crawley

Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.