Key Information:
- Conduit has partnered with Brazil’s Braza Group to facilitate real-time foreign exchange (FX) swaps between the Brazilian Real, U.S. Dollar, and Euro using stablecoins.
- This advancement allows for instant transaction settlements, significantly quicker than the several days needed with traditional systems.
Conduit, dedicated to cross-border payments using stablecoins, announced its collaboration on Thursday. This partnership aims to revolutionize the efficiency of foreign currency transactions.
Braza, which operates Brazil’s largest foreign exchange bank, processed $67 billion in transactions last year and recently launched its own real-pegged stablecoin, BBRL, on the XRP Ledger.
Demand for stablecoins is surging in cross-border transactions due to their reliability compared to conventional banking processes.
Market Outlook
Global bank Citi anticipates the stablecoin market could explode from $250 billion to $1.6 trillion by 2030. Additionally, U.S. lawmakers are moving towards establishing regulations specifically for stablecoins to foster their adoption in payment methods.
“Creating seamless on-ramps between fiat and digital currencies, with on-chain stablecoin FX swaps, could totally transform how cross-border payments occur,” said Conduit CEO Kirill Gertman.
Translation: By establishing easy connections between conventional money and cryptocurrencies, alongside on-chain swaps, we can redefine cross-border transactions entirely.
Conduit’s infrastructure links blockchain and traditional financial systems. The Boston startup raised $36 million last month, highlighting a robust $10 billion annual transaction volume.
