Crypto infrastructure provider Fireblocks has launched a new payments network to facilitate business-to-business transactions using stablecoins. More than 40 companies have already joined the network, including Bridge, a stablecoin startup recently acquired by fintech giant Stripe. The move signals a growing trend of financial technology companies embracing stablecoins for cross-border payments.

The new network is designed to simplify the process of using stablecoins for international payments, which can be complex and costly. By providing a direct network for businesses to transact with each other, Fireblocks aims to reduce the number of intermediaries and the associated fees. Fireblocks was valued at $8 billion in its last funding round in 2022.

This development comes as the competition in the stablecoin market continues to heat up, with a growing number of companies vying for a share of the rapidly expanding B2B payments space. The inclusion of Stripe-acquired Bridge in the network is a significant endorsement of Fireblocks' new platform and its potential to disrupt traditional payment rails.