The payment processing firm Stripe reportedly held early talks with banks regarding the potential for the financial firms to begin using stablecoin technology.
Stablecoins are digital tokens designed to maintain a constant value against a fiat currency such as the US dollar.
To date, there are about $243 billion worth of these assets in circulation, and citing a statement from Stripe co-founder and president John Collison, Bloomberg reports that banks are eager to engage with stablecoins.
Says Collison in an interview,
“In the conversations we have with them, they’re very interested. This is not something that banks are just kind of brushing away or treating as a fad. Banks are very interested in how they should be integrated with stablecoins into their product offerings as well.”
Collision says the talks happened after Stripe rolled out several stablecoin-related products in recent months, including a platform that gives fintechs the ability to quickly start their own stablecoin-card programs for customers.
Last month, Stripe also announced that it is developing its stablecoin, which will be powered by the stablecoin infrastructure startup Bridge, a firm acquired by the payments giant last year.
Stripe Crypto product manager Jennifer Lee says the company is ready to start testing the asset and invites companies outside the US, EU and the UK to reach out if they are interested in dollar access.
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