Brex announces native stablecoin payment integration across its platform, allowing business customers to accept and send stablecoins with automatic USD conversion.
Financial services firm Brex has announced that it will integrate native stablecoin payments throughout its products and services.
Under the new program, customers with a Brex business account can accept stablecoins with automatic conversion into USD in their Brex business accounts and send stablecoins directly from their USD balances. The company says it has opened a waitlist and will begin stablecoin payment services soon.
Brex customers will also be able to pay their card balances with stablecoins. According to a press release from Brex, this will make the San Francisco-based fintech firm the “first global corporate card to enable instant balance payments with stablecoins.”
Native stablecoin integration with Brex will start with Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $73.53 B Vol. 24h: $5.56 B . Other coins “will become generally available in the coming months,” per the press release.
Brex CEO Pedro Franceschi recently indicated that he intends to take the company public sometime after it becomes fully profitable. In a Sept. 4 post on X, he said “Brex has reached $700M in total annualized revenue, growing 50%, and is on track to profitability.” According to Access IPOs, Brex was valued at $12.3 billion during its Series D-2 funding round back in January 2022.
Stablecoin Innovation Expands Across the Industry
In related news, Circle plans to test transaction reversibility for stablecoin transactions. Circle President Heath Tarbert says reversible transactions could serve a vital function in helping projects recover funds from fraud and hacks.
Meanwhile, payments giant Visa has also launched new stablecoin offerings as of Sept. 30. As Coinspeaker reported, Visa is launching an initiative to “unlock faster funding” for businesses through a stablecoin prefunding pilot.
According to Visa, the new program will allow businesses to service international remittances with prefunded stablecoin accounts instead of siloing fiat money to seed cross-border payments.
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