Stripe’s Trillion-Dollar Bet: How Stablecoins Eat Global Payments | Founder of Bridge Zach Abrams
Episode publishedPodcast: BanklessBankless
Transcript preview
Preview only
You send a stable coin over a blockchain and, you know, you could see when it was sent, you could see when it was confirmed, you could see when it was delivered, you would see that it's done. Just very basic things that in addition to costs and things that are more complicated, made us believe that this was a better That money would be tokenized. At some point in time, people, businesses, fintechs, banks would see the value in using this emergent payment rail. And we were building for that future.
Welcome to Bankless, where we explore the frontier of Internet money and Internet finance. This is Ryan Sean Adams. It's just me today, David Zout, so I'm here to help you become more bankless. Every company in fintech is about to go through what, I'm calling a crypto transformation. Stripe is one of those companies. It's a $90,000,000,000 private payments company behemoth, a company that does 1.3 of global GDP's worth of payments volume every single year. They're definitely at the frontier of this crypto transformation. They're moving quite quickly. They've invested big in stablecoins, and I
Imagine a world where traditional finance meets the power of blockchain seamlessly. That's what Mantle is pioneering with blockchain for banking, a revolutionary new category at the intersection of TradFi and Web three. At the heart is UR, the world's first money app built fully on chain. It gives you a Swiss IBAM account, blending fiat currencies like the euro, the Swiss franc, the United States dollar, or the renminbi with crypto all in one place. Enjoy real world usability and blockchain's trust and programmability. Transactions post directly to the blockchain, compatible with TradFi rails,
Bankless Nation, very excited to introduce you to Zach Abrams. First, Zach, it's great to have you on Bankless. And I gotta say this at the outset. Congrats on selling your company, the company you cofounded, Bridge, to Stripe. You did that in October. At least that's when it was announced. This was reportedly, I don't know if you can confirm this rumor, over a billion dollar acquisition. Stripe's largest yet. So this was like a a crypto unicorn, and it's a big deal. Congrats on that.
Yeah. Really, really appreciate it. And a lot has changed since then. That feels like a hundred years ago.
Yeah. I don't know. Like, it's kinda funny to me that that Stripe bought a company pre Genius Bill. You know what I mean? Like, bought a stablecoin company pre Genius Bill. What kind of foresight was that?
I mean, you know, it was it was pre the election when a bunch of stuff started to started to shift right after pre genius, pre, a bunch of things, but you know, I think like the main thing probably for them, and for us, was that like, you could start to see that it was working. And it had changed, like, pretty quickly, like, you know, two years ago, or three years ago, it was not working terribly well.
It's like stablecoins, or crypto in general?
Yeah, Yeah. Like, the the business, stablecoins generally. Yeah. I mean, there was, like, Terra Luna and FTX and
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.