Fireblocks is launching an enterprise-grade stablecoin network designed to help crypto and financial firms move the USD-pegged tokens and build products, according to a post to X on Thursday.
Fireblock's stablecoin network is already servicing more than 40 participants, including Circle, Bridge, Zerohas,h and Yellow Card, the company said. Circle issues the second-largest stablecoin by circulation, USDC. Fortune first reported the news.
"Fireblocks is the backbone of stablecoin payments. By introducing unified APIs and workflows, and APIs purpose-built for stablecoin use cases, the Fireblocks Network for Payments gives institutions the ability to move value securely across every provider, blockchain, or fiat rail," Fireblocks co-founder and CEO Michael Shaulov said.
With the stablecoin market expected to grow into the trillions of dollars, the amount of revenue to be earned from providing the behind-the-scenes infrastructure could prove to be significant, as traditional financial institutions like the Bank of America eye creating their own USD-pegged tokens.
"With Fireblocks, we've transformed a process that used to be slow and manual into a fast, secure, and compliant engine for growth," Yellow Card co-founder and CEO Chris Maurice said. "It’s the core infrastructure that allows us to confidently scale our payout services for customers across 20+ African countries and in the emerging markets."
In 2022, Fireblocks raised $550 million, valuing the company at $8 billion. Investors in the company include Sequoia Capital, Coatue, Ribbit, Bank of New York Mellon, Paradigm, and SCB10x.
