Wizz Financial and BitGo Team on X-Border Stablecoin Payments

FinTech Wizz Financial achieved a company milestone for cross-border transactions, according to a Thursday (March 12) press release.

Wizz completed its first stablecoin-powered cross-border remittance and treasury transaction originating from the United States, with capabilities into 80 countries, the release said.

The transaction was carried out in collaboration with BitGo’s digital trust bank, with Wizz using BitGo’s wallet infrastructure and eTrade services to help convert fiat currency into stablecoins, per the release.

This allows for near-real-time settlement, improved liquidity management and “compliant, scalable cross-border remittance flows” across Wizz’s global network, the release said.

The transaction marks the launch of Wizz’s proprietary stablecoin and blockchain strategy through its Wizz Cross Border USA platform, aimed at supporting B2B and B2C cross-border payment flows, according to the release.

“Our investment in blockchain infrastructure has culminated in a direct settlement system that fundamentally reimagines treasury operations,” Wizz Financial Chief Technology Officer and Chief Product Officer Ben Yaniv Chechik said in the release. “By partnering with BitGo and leveraging stablecoin rails, we have eliminated the inefficiencies and delays that have plagued traditional cross-border payments. What was once a complex, multiday process now happens in near-real-time, and we are making it accessible to businesses and individuals worldwide.”

Wizz plans to work with regulators, banks, payment networks and global partners to scale this model and extend stablecoin-based services to additional corridors and customer segments, the release said. The company is also exploring other blockchain partnerships and custody solutions to bolster operational efficiency and security throughout its ecosystem.

Meanwhile, increasing volatility is forcing banks and FinTechs to rethink their cross-border payments strategies.

“The corporate strategies supporting today’s cross-border environment are becoming increasingly complex and sensitive,” PYMNTS reported Feb. 17. “Companies are expanding internationally not just to grow, but to diversify risk. Treasury teams care less about marginal fee reductions and more about predictability, or knowing when money will arrive, in what currency, and under which regulatory conditions.”

Volatility has shifted the buyer’s mindset from cheapest and fastest to most reliable under stress.