This feature will allow cardholders with a Brex business account to accept stablecoins, which will automatically be converted into U.S. dollars in their account, and send stablecoins directly from their U.S. dollar balances, the company said in a Tuesday (Sept. 30) press release.
Brex opened a waitlist for this feature Tuesday and said in the release that it will make stablecoin payments generally available within months, starting with USDC.
By adding stablecoin payments, Brex will enable its financial platform to manage both traditional and stablecoin-backed spend and will make it easier for its customers to use stablecoins for cross-border, large-scale business transactions, according to the release.
Businesses will be able to send stablecoin payments that settle in seconds, with no fees, and will be able to receive funds at any time, with instant settlement, per the release.
“Stablecoins make it possible to move millions of dollars across borders in seconds, but using them typically requires fragmented workflows and managing multiple platforms,” Brex CEO Pedro Franceschi said in the release. “With today’s launch, forward-looking companies across industries, from AI to crypto, will manage their largest payments and mission-critical expenses on Brex, in a single, secure platform.”
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PYMNTS reported in March that stablecoins have started to decouple themselves from crypto exchanges and position themselves as a component of real-world financial infrastructure.
Cross-border payments stand as one of the most promising use cases for stablecoins, as stablecoins promise a faster and cheaper alternative to traditional international transactions.
Corporate treasury operations have become another use case because stablecoins can enable companies to hold and transfer value seamlessly on a global scale.
Brex said Sept. 4 that it plans to expand its corporate card business to the European Union and the United Kingdom. This expansion will give the company access to a market worth as much as $5 billion per year in added revenue and an opportunity to compete with the players that dominate the corporate card market in the region.
