Stripe, a financial infrastructure platform, announced new products that expand its use of both stablecoins and artificial intelligence (AI) at its annual user event in San Francisco.
One of the key updates is the launch of Stablecoin Financial Accounts. These accounts will allow businesses in 101 countries to hold balances in stablecoins backed by the US dollar.
Companies will be able to receive payments either in cryptocurrency or through traditional payment methods and send stablecoins worldwide. The accounts will support USDC
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Another important announcement was Stripe’s Payments Foundation Model. This AI tool has been trained on billions of past transactions. It is designed to help detect fraud more effectively and improve the chances that payments are approved.
Stripe’s CEO, Patrick Collison, stated:
There are not one, but two, gale-force tailwinds, well off the Beaufort scale, dramatically reshaping the economic landscape around us: AI and stablecoins.
He added that Stripe’s role is to advance these technologies so businesses using the platform can take advantage of them immediately.
In addition to the stablecoin accounts, Stripe introduced multi-currency accounts. These will let businesses hold, convert, and spend money in USD, EUR, and GBP. This can help companies avoid extra costs from foreign exchange when handling payments in different currencies.
On May 6, the crypto exchange Coinbase introduced a new payment tool called x402. What does it do? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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