Keynote
- Customers can accept Stablecoins with automatic conversion to USD and pay card balances directly on digital assets.
- The integration begins with Circle’s USDC and will launch additional Stablecoins in the coming months for wider accessibility.
- Brex reports annual revenue of $700 million on a 50% growth trajectory, aiming for a public list after reaching profitability.
Financial services company Brex has announced that it will consolidate native Stablecoin payments across its products and services.
With the new program, customers with Brex business accounts can accept Stablecoins automatically converted to USD in their Brex business accounts and send Stablecoins directly from their USD balances. The company says it will open a waitlist and launch Stablecoin Payment Services soon.
Brex customers can also pay their card balances with Stablecoins. According to a press release from Brex, this will make the San Francisco-based fintech company “the first global corporate card to allow instant balance payments through Stable Coin.”
Native Stablecoin integration with Brex starts with Circle’s USDC
USDC
$1.00
24-hour volatility:
0.0%
Market Cap:
$73.40 b
Vol. 24H:
$8.76 b
. Other coins will be “generally available in the coming months,” according to a press release.
Brex CEO Pedro Franceschi recently showed that he intends to open the company after being completely profitable. In a September 4th post on X, he said, “Brex has reached $700 million in total annual revenue, up 50% and is on track to profitability.” According to Access IPOS, Brex was valued at $12.3 billion in the January 2022 Series D-2 funding round.
Stablecoin innovation is expanding across the industry
In related news, Circle will test transaction reversibility in Stablecoin transactions. Circle President Heath Tarbert says reversible transactions could serve a key feature in helping projects recover funds from fraud and hacking.
Meanwhile, Payments Giant Visa has also launched a new Stablecoin product as of September 30th. As reported by Coin Speaker, Visa is launching a “removing faster funding” initiative for businesses through the Stablecoin Prepunding pilot.
Instead of sowing cross-border payments instead of silling Fiat Money, the new program will allow businesses to service international remittances with pre-loaded Stablecoin accounts.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.
Tristan is a technology journalist and editorial leader with eight years of experience covering science, deep technology, finance, politics and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
Tristan Green of x