Chime Weighs Adding Stablecoin Wallet to Consumer Banking App

Chime Financial is considering adding stablecoins as a feature in its consumer banking app, Bloomberg reported Thursday (Aug. 13), citing unnamed sources.

The FinTech asked blockchain technology companies to submit proposals to provide stablecoin wallet services that would enable Chime customers to send and receive the digital assets without needing a separate account or another provider, according to the report.

Chime did not immediately reply to PYMNTS’ request for comment.

PYMNTS reported in May that Chime achieved its first quarter of GAAP profitability as a public company and that this achievement could suggest that the competitive edge across a mature FinTech space may look less like insurgent apps and more like fully integrated financial institutions built on modern infrastructure.

Chime was among the several dozen companies that signed up to use Open USD, a new stablecoin for global money movement that is set to go live later this year, according to a June 30 press release from Open Standard, the company behind Open USD.

As PYMNTS reported at the time, several of the world’s payments and tech giants agreed to use the Open USD stablecoin.

In the Open USD press release, Chime CEO and Co-Founder Chris Britt said: “Stablecoins are a breakthrough technology, and realizing their potential requires a common framework for moving value across the digital economy. Open USD helps create that foundation, and Chime is proud to join industry leaders in building the next generation of money movement.”

The PYMNTS Intelligence report “From Asset to Everyday Money: Making Digital Currency Spendable“ found that 77% of consumers said they would open a crypto or stablecoin wallet through their existing banking or FinTech application if offered.

The report also found that 71% of stablecoin holders would use a linked debit card to spend stablecoins.

“The message is clear: Consumers want digital assets to work like money, not be trapped inside crypto ecosystem,” the report said.

Consumer electronics giant Samsung announced July 22 that it will expand its Samsung Wallet to embrace stablecoins. Speaking at a company event, Samsung Product Specialist Lee Dinham said: “This will make Samsung one of the first major mobile brands to bring native stablecoins to a smartphone, enabling fast and trusted digital value transfers.”