Payment firms are said to be one of the fastest growing customer segments on the Fireblocks Network, with their number reportedly doubling within a year as the share of stablecoins continues to expand steadily.
During the last year, Fireblocks claims that it has processed $3 trillion in transaction volume across 170 million transactions, with stablecoins accounting for over 50% of these volumes, “more than doubling in the past three years.”
The fast-evolving regulatory landscape in the United States as well as increased efforts to make the payments space more efficient are “expected to propel this momentum in the years ahead,” according to an update shared with CI.
Michael Shaulov, CEO and Co-Founder of Fireblocks, noted (at SPARK 2024):
“We are going to see a fairly significant transformation (in the digital asset industry) with the anticipated 180-degree shift in the US regulatory environment, including a reversal of Operation Chokepoint 2.0 and the anticipated stablecoin bill getting passed. This will drive significant growth in the adoption of stablecoins in the global economy.”
Despite representing a relatively small portion of the global financial system, stablecoin adoption has accelerated, with a $30 billion increase in market value over the past few months.
Shaulov noted that of the top 25 global payments companies, more than 70% have a form of stablecoin offering with “plans to expand this further.”
As the digital economy evolves, new ways of payment such as stablecoin soar and emerge as a “critical component” of the financial infrastructure.
In statements shared with CI, Paolo Ardoino, Tether’s CEO said:
“Stablecoins are going to be the most important technology for money in the next few decades, and there will be a consolidation of blockchains and layer-2s. The most important part is distribution, and blockchains that don’t have sufficient distribution will not see the same success.”
As covered, Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain, announces that it has joined forces with Ownera, a provider of tokenization interoperability routers, to enhance the Fireblocks Network, the digital asset network providing direct connectivity to crypto capital markets.
