Sending money across borders for business has always felt a bit like navigating a maze blindfolded. You know the drill: slow transfers, hidden fees, and the constant headache of currency exchange rates. For companies without a U.S. bank account, getting access to American dollars for suppliers or payroll can be a particularly tough nut to crack.
- Slash launched a payments and treasury platform called the Global USD Account to smooth international transactions. It also includes Slash’s own U.S. dollar stablecoin, USDSL.
- The stablecoin market is valued at $250 billion and is seen as a faster and cheaper way to send money globally. Interest has increased, especially after the GENIUS Act.
- Slash is expanding its services to crypto companies, aiming to consolidate treasury management by allowing clients to convert between stablecoins and manage balances.
But a San Francisco-based neobank named Slash just stepped into the ring with a new play. They launched a payments and treasury platform designed to smooth out these international bumps. It’s called the Global USD Account, and it comes with Slash’s own U.S. dollar stablecoin, USDSL.
Here’s the interesting part: USDSL is issued by Stripe’s Bridge. You might remember Stripe, the payment processing giant, acquired Bridge last year for a hefty $1.1 billion. This partnership means Slash can tap into some serious infrastructure. It aims to cut down on settlement times and get rid of those pesky foreign exchange fees when businesses pay U.S. suppliers.
Stablecoins, for those still getting their bearings, are a type of cryptocurrency. They are designed to hold a steady value, usually by being pegged to an external asset like the U.S. dollar. Think of it like a digital dollar, but one that can move across the internet with the speed of crypto. This idea has really taken off.
The stablecoin market now sits at a cool $250 billion. It’s often pitched as a faster, cheaper way to send money around the globe. Interest in these digital assets has picked up speed, especially since President Trump signed the GENIUS Act into law. That act set new federal standards for stablecoin issuers, giving the sector a clearer path forward.
It’s not just the crypto natives looking at this. Big names like Amazon and Walmart are reportedly exploring their own stablecoin products. And payment powerhouses like PayPal and Stripe have already made significant moves. Stripe’s acquisition of Bridge, for example, was a clear signal of their belief in this technology.
From Skepticism to Stablecoin Success
Slash’s journey into stablecoins wasn’t a straight line. The company wasn’t a crypto firm from the start. Cardenas, Slash’s CEO, admitted he didn’t know much about blockchain technology himself. It’s a common story, isn’t it? Many traditional businesses initially viewed crypto with a raised eyebrow, or perhaps a slight shrug.
But then, something shifted. Slash’s customers, specifically wholesalers and marketing agencies, started asking for it. They needed stablecoin payments to accept money from their own customers at a lower cost. When your clients speak, you listen. So, Slash built it for them.
Their first step into this world allowed customers to send and receive USDC and USDT payments. These are two of the largest stablecoins out there. The clever bit was that users didn’t even need to hold the tokens themselves. Slash automatically converted them to U.S. dollars. It made the process seamless, almost invisible to the user.
This initial feature, launched last December, has already seen impressive results. It processes nearly $1 billion in annualized volume. That kind of success tends to change minds. It certainly inspired Slash to go bigger, to lean further into the stablecoin space.
Now, Slash is setting its sights on a new group: crypto companies themselves. These firms often juggle multiple accounts. They might have one at a traditional bank, another at a crypto exchange, and yet another with a custody provider. It’s a fragmented mess, a bit like trying to manage your household budget across three different apps that don’t talk to each other.
Slash’s new suite of products aims to consolidate all that treasury management. Clients can convert between different stablecoins, manage their balances, and easily off-ramp. That means moving their digital dollars back to traditional U.S. bank accounts using standard methods like ACH, wire, or SWIFT transfers. They can even earn yield on their balances without running afoul of securities rules.
The Road Ahead for Digital Dollars
What’s next for Slash? The plans include launching a card that lets businesses spend their stablecoin balances directly. Imagine paying for office supplies or a business lunch straight from your digital dollar account. It’s a practical step that bridges the gap between the crypto world and everyday commerce.
There’s also talk of a wallet for holding other crypto assets. This suggests Slash sees itself evolving into a more comprehensive financial hub for businesses operating in the digital economy. It’s a logical progression, moving from a single stablecoin solution to a broader crypto treasury service.
The company’s growth hasn’t gone unnoticed in the investment world. Back in May, Slash raised $41 million in a Series B funding round. Goodwater Capital led the round, pushing the company’s valuation to $370 million. That’s a strong vote of confidence in their approach and the market they’re serving.
Slash’s move, backed by Stripe’s infrastructure, shows how traditional finance and the crypto world continue to intertwine. It’s a quiet revolution in how businesses handle their money, especially across borders. The days of waiting days for a wire transfer, or losing a chunk to foreign exchange fees, might just be fading into the past.
