Fireblocks Launches Payment Network Featuring Stripe Bridge and Collaboration with Circle and Over 40 Companies Amidst Surge in Stablecoin Usage

Fireblocks, the $8 billion provider of crypto infrastructure, has introduced a stablecoin payment network featuring over 40 institutional participants.

As reported by Fortune, the Fireblocks Network for Payments comprises members such as Bridge (recently acquired by Stripe), stablecoin firms Zerohash and Yellow Card, along with issuer Circle.

This network aims to enhance the efficiency of stablecoin transfers among financial institutions and crypto companies while developing new stablecoin products, addressing what CEO Michael Shaulov identifies as expensive infrastructure challenges.

In contrast to Circle’s current payments network, which is solely focused on USDC, Fireblocks’ platform accommodates multiple stablecoins, providing participants with increased operational flexibility.

The network grants users access to banking relationships and regulatory licenses from a wider array of companies than they would typically obtain on their own.

Multi-Stablecoin Infrastructure Addresses Enterprise Pain Points

Fireblocks currently processes billions of dollars in stablecoin transactions daily, achieving a record $212 billion in July alone through its existing infrastructure.

Fireblocks’ monthly stablecoin volume (Source: Fortune)

However, Shaulov pointed out that the company’s initial network was primarily designed for crypto trading rather than dedicated stablecoin functions.

The new network addresses this operational shortcoming by enabling smooth conversions between various stablecoins and facilitating international transfers.

This launch builds upon Fireblocks’ recent foray into stablecoin-centric infrastructure, including its June integration with Codex, a blockchain specifically designed for stablecoin finance.

Codex provides instant settlement capabilities and enables institutions to establish wallets without requiring additional integration efforts.

The company has also collaborated with Japan’s SMBC (via parent Sumitomo Mitsui Financial Group) and Ava Labs to pilot stablecoin launches, with trials anticipated to commence in the latter half of 2025.

SMFG, the parent organization of Japan’s second-largest bank SMBC, is preparing to introduce a stablecoin in collaboration with @avax
and @FireblocksHQ.#SMBC #Avalabshttps://t.co/rLwHg1TNUi

— Cryptonews.com (@cryptonews) April 2, 2025

If successful, SMBC could potentially launch its stablecoin as soon as next year, which may lower cross-border payment costs by circumventing traditional SWIFT intermediaries.

Institutional Adoption Accelerates Across Stablecoin Ecosystem

The Fireblocks launch coincides with a swift increase in institutional adoption, as highlighted in the company’s May survey of 295 executives from banks, fintech companies, and payment processors.

Research indicates that 90% of financial institutions are either actively utilizing or investigating stablecoin integration within their operations.

Meanwhile, major corporations are progressing from exploration to active development, with Amazon and Walmart reportedly evaluating their own USD-backed stablecoins to minimize transaction fees.

Payment processor Stripe is also working on a dollar-backed stablecoin for markets outside the U.S., UK, and Europe, building on its October 2024 introduction of stablecoin payment options.

According to data from DefiLlama, the total market capitalization of stablecoins currently stands at approximately $285 billion, reflecting a 56% increase year-over-year.

Stablecoin Market Capitalization (Source: DefiLlama)

Industry forecasts suggest that the sector could achieve $1 trillion in annual payment volume by 2028, with Citigroup predicting even more significant growth to a market cap exceeding $2 trillion by 2030.

Banking Industry Raises Systemic Risk Concerns

However, this rapid expansion has faced resistance from traditional banking institutions, with Citigroup executive Ronit Ghose cautioning that interest payments on stablecoins could lead to a deposit exodus reminiscent of the 1980s crisis, during which money market funds withdrew $32 billion from banks over two years.

Citi executive warns stablecoin interest payments could drain bank deposits like the 1980s crisis amid GENIUS Act loophole concerns.#Stablecoin #Bankshttps://t.co/aaHxz9bXHM

— Cryptonews.com (@cryptonews) August 25, 2025

Major banking associations, including the American Bankers Association, are lobbying Congress to address what they describe as a “loophole” in the GENIUS Act that permits crypto exchanges to offer yields on third-party stablecoins.

Former Governor of the People’s Bank of China, Zhou Xiaochuan, has separately cautioned that stablecoin issuers may pursue aggressive growth without fully comprehending systemic risks.

Zhou referenced amplification effects that can create redemption pressures beyond initial reserves, citing the May 2022 collapse of TerraUSD, where arbitrage mechanisms exacerbated rather than mitigated the crisis.

Recent studies indicate that major stablecoins face approximately a one-in-three chance of a crisis over the next decade due to design flaws in their handling of extreme market stress.

Despite these apprehensions, Treasury Secretary Scott Bessent has expressed support for stablecoin adoption, asserting that digital dollars will “expand dollar access for billions globally and lead to a surge in demand for U.S. Treasuries” as backing assets.

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