In April, Stripe made a comeback to the cryptocurrency space after a six-year break, enabling retailers to accept stablecoins for online payments. In the first 24 hours after introduction, people from over 70 nations utilized stablecoins for online transactions, according to data provided by the payments giant.

Businesses may generate, store, transfer, and receive stablecoins like Tether's USDT and Circle's USDC using Bridge's stablecoin-focused platform. August saw the startup receive $58 million from Index Ventures, Ribbit, and Sequoia, among other notable investors.

Stripe abandoned cryptocurrency in 2014 after adding support for bitcoin, claiming that its wild price swings and increased costs made it useless as a method of payment.

President and co-founder of Stripe, John Collison, stated on announcing the company's return to the market in April that "Crypto is finding real utility." Crypto is starting to make sense as a medium of exchange, with transaction speeds rising and costs falling."

Since then, the company's strategy has advanced quickly; in April, it signed an agreement with Coinbase to use USDC for fiat-to-crypto transactions, and earlier this month, it integrated with the Paxos stablecoin platform.