San Francisco-based checkout and payment platform Bolt said Friday it added support for Stablecoin Payments, a move designed to simplify cross-border commerce for markets and merchants using its network.
Added is part of Bolt Connect, a new product designed to help the digital market expand rapidly by automating businessman onboarding, compliance and spending.
For merchants, receiving stable payments means fewer bank intermediaries, faster settlement and lower transaction costs, the company explains the plan Press release. Consumers can also benefit: Shoppers without bank accounts or shoppers who purchase from stores around the world can immediately pay with digital dollars without incurring foreign transaction fees or waiting for credit card approval.
“The market doesn’t have to choose between scale and simplicity,” said Ryan Breslow, founder and CEO of Bolt. “With Bolt Connect, we provide them with the tools to grow without the usual technical burden, and StableCoin support provides faster, borderless payments for everyone in the network.”
Bolt is the latest example of global payment companies MasterCard,,,,, visa and stripe Competition hug Stablea product with a digital currency whose price is fixed to external assets (such as fiat currencies). It’s a $260 billion asset class that promises programmable transactions and cheaper, cheaper cross-border payments, rather than traditional banking channels. Adoption is expected to accelerate after the U.S. Senate passed the Genius Act to regulate and stabilize the industry.
Bolt’s Stablecoin initiative follows closely behind, making its financial debut “SuperApp”, which allows users to hold, send and receive cryptocurrencies including Stablecoins in the app.
