Fireblocks has announced the launch of its Network for Payments, a platform designed to support stablecoin transactions across more than 100 countries, including Singapore and Hong Kong.
The new service extends Fireblocks’ existing infrastructure to stablecoin payments, enabling fintech firms, payment service providers and financial institutions to create products for payouts, remittances, merchant settlement and cross-border treasury management. The network integrates local payment rails, blockchains and stablecoin systems with on- and off-ramp services, liquidity providers, foreign exchange tools and remittance capabilities for over 60 currencies.
Michael Shaulov, CEO and co-founder of Fireblocks, said: “Fireblocks is the backbone of stablecoin payments. By introducing unified APIs and workflows, and APIs purpose-built for stablecoin use cases, the Fireblocks Network for Payments gives institutions the ability to move value securely across every provider, blockchain, or fiat rail.”
Tackling fragmentation in stablecoin adoption
Many institutions exploring stablecoin payments face challenges with costly integrations and a lack of standardised compliance processes. Fireblocks aims to resolve these issues by offering a neutral, secure and open network that streamlines access to liquidity and reduces operational risks.
More than 40 providers have already joined the network, including Singapore Gulf Bank, QCP Capital, Reap, Circle, dLocal, Sygnum, Banxa and Transfero. Future integrations with the Circle Payments Network and WalletConnect are expected to expand access to more than 2,400 participants, including wallets, banks, issuers and exchanges.
Darius Sit, founder of QCP, said: “For global capital markets to operate at the speed of digital assets, on-chain settlement and fiat rails must speak the same language. The Fireblocks Network translates between them, letting QCP move liquidity and settle across currencies with speed and security. This is the infrastructure that unlocks the next wave of institutional adoption.”
Building a foundation for institutional use
Stablecoins are now processing more annual volume than Visa and Mastercard combined, according to industry data. However, adoption has outpaced the infrastructure needed to support it, with institutions often relying on a patchwork of settlement rails and compliance systems. Fireblocks’ approach consolidates these into one interoperable framework with built-in tools for sanctions screening, wallet verification and compliance with the Travel Rule.
Ran Goldi, senior vice president of payments and network at Fireblocks, said: “We’ve built the most efficient and effective way for payments companies to build their evolving blockchain-based offerings. The Network for Payments is built to handle anything – interoperable by design and resilient enough for the world’s fastest, largest transactions, ensuring that businesses have the foundation they need for programmable, compliant, real-time money movement worldwide.”
Reap co-founder Daren Guo added: “We are delighted to connect to the Fireblocks Network to power stablecoin-enabled infrastructure for businesses with greater financial connectivity and access. By leveraging the interoperability and security offered, we are able to bring to clients our card issuance, cross-border payments and embedded financial solutions, to enable more efficient money movement.”
To date, Fireblocks has processed more than US$10 trillion in digital asset transfers through its network, making it one of the most widely used and tested platforms for institutional digital asset operations. The company said the new network will continue evolving as stablecoin use cases grow more complex, supporting the wider adoption of blockchain-based finance.
