SoftBank-backed Remote and financial platform Stripe join forces to revolutionize global payroll processing by enabling stablecoin payments, initially launching with USDC on Base for US-based customers.
Remote, a SoftBank-backed firm focused on empowering global businesses to hire the best talents, has announced a strategic partnership with Stripe, a well-funded California-based financial infrastructure platform, to enable seamless payroll processing via stablecoins. According to the announcement, Remote will first offer payroll processing through Circle’s USDC $1.00 24h volatility: 0.0% Market cap: $61.64 B Vol. 24h: $2.72 B on Base, a leading Ethereum-focused layer two solution backed by Coinbase Global Inc. (NASDAQ: COIN).
The stablecoins processing of payroll by Remote through Stripe will first be available to United States-based customers. However, Remote has plans in place to scale the stablecoins processing of payments via Stripe in other countries and also through other leading stablecoins. Moreover, several stablecoins are regulated in the United States, including Tether USDT $1.00 24h volatility: 0.0% Market cap: $155.47 B Vol. 24h: $15.48 B , and the newly launched Ripple Labs RLUSD.
“One of the biggest hurdles companies face when hiring international talent is providing fast, flexible, and reliable payments around the world. With the introduction of stablecoin payouts via Stripe, we’re adding a feature that has been highly requested by our customers, enabling them to pay contractors how they prefer, while maintaining the compliance and simplicity Remote is known for,” Job van der Voort, CEO and co-founder of Remote, noted.
How Remote and Stripe’s Partnership Advances Stablecoin Adoption
The strategic partnership between Remote and Stripe is a major boost to the mainstream adoption of stablecoins around the world. Moreover, Remote is available in more than 60 different countries around the world and is trusted by top global brands including Aston Martin, GitLab, SoundCloud, Hello Fresh, and Epam, among others.
Notably, Remote has attracted significant investment from different venture capitals including SoftBank Vision Fund 2, Accel, Sequoia, Index Ventures, General Catalyst, and B Capital, among others.
The choice of USDC on the Base network is strategic, as it taps into reputable web3 organizations including Coinbase, Circle, and Ethereum’s security features. As of this report, the Base network had a stablecoins market cap of about $3.54 billion and more than 1.2 million daily active users.
The growth of the stablecoins industry around the world is expected to gain momentum in the coming years amid the mainstream adoption of digital assets and web3 products by institutional investors. According to the latest market data, the total stablecoins market cap has grown to over $208 billion and a 24-hour average trading volume of around $197 billion.
Tether’s USDT and Circle’s USDC have the lion’s share of the total stablecoin market cap, since they are widely traded across more than 300 crypto exchanges. With the regulation of stablecoin expected to happen in the United States, under the upcoming Trump administration, experts believe the industry is well positioned to reach a trillion-dollar valuation in the coming years.
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