Fireblocks revealed Thursday that it is introducing a network to facilitate easier stablecoin transfers between institutions. Over 40 participants have joined the network so far, including Bridge, a stablecoin venture that fintech giant Stripe snapped up. The roster also features firms like Zerohash, Yellow Card, and Circle, the stablecoin issuer that went public in a major June IPO. Fireblocks’ network will enable fintechs to manage payouts and remittances According to Fireblocks CEO Michael Shaulov, the network will expose users to much larger banking connections and licenses than they’d normally have. Ideally, the network will allow fintechs, PSPs, and other entities to build on the company’s platform to manage payouts, remittances, merchant settlements, cross-border treasury operations, and comprehensive global payment flows. The firm has also promoted its network as open, secure, and compliant, which now links local payment rails , blockchains, and stablecoin systems with on/off-ramp options, stablecoin issuers, liquidity providers, on-chain FX, and remittance services in more than 60 currencies. However, referring to companies wanting to build out their own stablecoin networks, Shaulov stated, “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.” So far, over 40 providers are on the Fireblocks Network, including Alfred, Banxa, Bridge, Transfero, Velocity, Braza Bank, Conduit, B2C2, Circle, dLocal, GSR, OpenPayd, NexChange, Nonco, Pave Bank, QCP, Reap, SCRYPT Digital, Singapore Gulf Bank, Sygnum, Transak, Yellow Card, Zerocap, Zerohash, and Zodia Markets, with more expected to join. According to Bridge CEO Zach Abrams, connecting to Fireblocks will enable businesses to move between stablecoins and fiat directly on the Fireblocks platform, making their financial operations more efficient. He added that the method presents an accelerated settlement, a global reach, and ease of process. Fireblocks handled over $212 billion in stablecoin volume in July Fireblocks continues to handle billions in stablecoins every day. According to data shared with Fortune, the company processed $212 billion in stablecoin volume in July alone. CEO Michael Shaulov pointed out that the network was originally built for crypto trading rather than stablecoins, meaning it didn’t yet offer an easy way to swap tokens or move funds across borders, say, from Brazil to the U.S. Still, Shaulov emphasized that the firm plays a key role in stablecoin payments, offering purpose-built APIs and streamlined workflows that let institutions transfer value securely across all networks and payment rails. Meanwhile, Circle’s new layer-1 blockchain Arc is also integrating with Fireblocks. Nonetheless, Circle’s Arc blockchain is still in development, with a public testnet scheduled for this fall and a complete launch expected by year-end. According to Fireblocks, it will provide custody and compliance services to allow clients to tap into Arc when it launches. The network already accommodates more than 120 blockchains and enables institutions to settle in markets worldwide. But some users on X have slammed the early rollout. Solana, for example, launched in 2020 but did not join Fireblocks until late 2021 when its ecosystem reached critical mass on the platform. Conversely, Arc will launch a fully integrated system with Fireblocks, offering banks and asset managers immediate access. Sign up to Bybit and start trading with $30,050 in welcome gifts
