Key Points:
- Bolt has rolled out stablecoin payment options to facilitate smoother cross-border transactions for merchants and marketplaces.
- Stablecoins promise quicker settlements and reduced costs for merchants, allowing instantaneous payments for consumers without foreign transaction fees.
- Major global payment providers are swiftly adopting stablecoin solutions, especially following recent legislative actions in the U.S.
Bolt, based in San Francisco, announced on Friday that it has added support for stablecoin payments as part of its initiative to enhance cross-border trade for users on its platform. This feature is integrated into Bolt Connect, a new product aimed at rapidly scaling digital marketplaces by streamlining merchant onboarding, compliance, and payouts.
For establishments, accepting stablecoin payments means dealing with fewer banking intermediaries, resulting in swifter transactions and minimized costs during operations. Moreover, consumers—such as those without traditional bank accounts—can transact instantly across global stores using digital dollars, all while circumventing foreign exchange fees.
“Marketplaces shouldn’t have to choose between scale and simplicity,” stated Ryan Breslow, Founder and CEO of Bolt. “With Bolt Connect, we’re providing tools to facilitate growth without the usual technical hurdles, while stablecoin integration allows for quicker, borderless payments for all network participants.”
Bolt represents yet another example of payment giants like Mastercard, Visa, and Stripe racing to introduce stablecoins to their services. This burgeoning asset class, currently valued at $260 billion, forges a path for programmable transactions while providing a quicker and more affordable means of cross-border payments compared to conventional banking options. The adoption rate is projected to increase following the recent approval of the GENIUS Act by the U.S. Senate, aimed at regulating the stablecoin sector.
Bolt’s new stablecoin capabilities coincided with the launch of its financial SuperApp, which lets users manage, send, and receive cryptocurrencies, including stablecoins, right from the app.
