One of crypto’s largest tech providers is diving further into stablecoins. Fireblocks, valued at $8 billion in its last funding round in 2022, announced Thursday that it was launching a network to let crypto and financial firms more easily move stablecoins between one another and build stablecoin products. The network already has more than 40 participants, including Bridge, a stablecoin startup that the fintech giant Stripe recently acquired.
Other members include stablecoin companies like Zerohash and Yellow Card as well as the stablecoin issuer Circle, which recently went public in June in a blockbuster IPO. The network aims to give users access to the banking relationships and regulatory licenses of a broader swathe of companies than customers would likely have access to themselves, Michael Shaulov, cofounder and CEO of Fireblocks, told Fortune.
“Either it’s super expensive from an engineering standpoint and takes them a lot of time, or if they’re starting to do it manually, then, of course, it’s basically prone to errors, so they can lose money,” Shaulov said, referring to companies wanting to build out their own stablecoin networks.
That’s what his network, dubbed the Fireblocks Network for Payments, aims to smooth over for customers, he added.
Stablecoins go mainstream
Stablecoins are cryptocurrencies pegged to underlying assets like the U.S. dollar. They’ve long been a favorite among crypto traders who convert their funds into the tokens after trading more volatile cryptocurrencies like Bitcoin or Ethereum.
But, over the past year, stablecoins have become one of the buzziest areas in the broader arenas of fintech and Silicon Valley. Proponents say they are faster than bank wires or legacy financial infrastructure and can reduce transaction fees. Amid the buzz, Big Tech companies and banks have taken notice—especially after President Donald Trump signed a bill in July that provided a detailed set of rules for mainstream stablecoin adoption.
Fireblocks, which builds basic blockchain infrastructure for firms like the bank BNY Mellon and the fintech Revolut, isn’t a newcomer to stablecoins. Everyday, it processes billions of dollars worth of the asset class. In fact, in July, the crypto infrastructure provider processed a record $212 billion in stablecoin volume, according to data provided to Fortune.
But Fireblocks’ existing network was originally built for crypto trading, not stablecoins, Shaulov, the Fireblocks CEO, said. The company hadn’t previously built out a streamlined means to let users easily convert one stablecoin into another and transfer money from, say, Brazil to the U.S.
Shaulov added that his company’s new stablecoin network is similar to the Circle Payments Network but supports multiple stablecoins, not just Circle’s USDC.
Update, September 4, 2025: Changed second sentence to add that the network lets companies build stablecoin products.
