Payment Giant Stripe Building New Stablecoin Product, Bypassing US, EU and UK

Financial technology leader Stripe is making a strategic move into the cryptocurrency space with a new stablecoin product, deliberately avoiding major regulatory markets like the US, EU, and UK as it cautiously navigates the evolving digital currency landscape.

Stripe, a major player in the global payments industry, is developing a new stablecoin product that will initially skip launches in heavily regulated markets including the United States, European Union, and United Kingdom. This strategic decision comes as the company carefully positions itself in the cryptocurrency sector.

According to sources familiar with the matter, Stripe’s stablecoin initiative is still in early development stages and will first target markets with clearer regulatory frameworks for digital assets. The company has been quietly expanding its cryptocurrency team and exploring blockchain technology applications.

This move represents a significant step for Stripe, which previously ended Bitcoin support in 2018 citing volatility and inefficiency concerns. The company has since shown renewed interest in crypto, having added USDC payment support through Polygon and Solana networks in 2022.

Stripe’s cautious approach reflects the challenging regulatory environment for stablecoins in major economies, where authorities continue to develop comprehensive frameworks for these digital currencies that are typically pegged to stable assets like the US dollar.