An institutional-grade digital asset infrastructure provider is reportedly launching a new stablecoin payment protocol for international use.
According to a new article by Fortune, crypto custody provider Fireblocks is launching a new system designed for blue-chip financial firms, allowing them to seamlessly and efficiently move stablecoins between each other as well as build stablecoin products.
Michael Shaulov, cofounder and CEO of Fireblocks, told Fortune in an interview that the new protocol – called the Fireblocks Network for Payments – was created to give users of stablecoins access to banking relationships and regulatory licenses they may not have access to themselves.
According to Shaulov, other firms attempting to build such a platform could struggle with the costs. As stated by the executive,
“Either it’s super expensive from an engineering standpoint and takes them a lot of time, or if they’re starting to do it manually, then, of course, it’s basically prone to errors, so they can lose money.”
Though Fireblocks, which already builds blockchain infrastructure for blue-chip firms such as banking giant BNY Mellon and fintech company Revolut, isn’t new to dollar-pegged crypto assets, Shaulov said its older protocol was meant to trade crypto assets other than stablecoins.
However, he notes the new protocol can move and transfer stablecoins across borders seamlessly and is similar to the stablecoins issuer Circle’s payment platform, though it supports multiple dollar-pegged crypto assets, not just USDC.
Earlier this year, lawmakers in Congress passed the GENIUS Act, a bill that created clear regulatory guidelines for stablecoins.
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